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Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
 Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of years. The harsh reality is that offshore owners have been dealing with equally bad and sometimes even worse conditions that those owners in the more conventional sectors have been facing.
Since the second half of 2014 and up until today, offshore owners have witnessed a very depressed and volatile market, while as the majority of industry specialists all around keeps stressing that the market is due to face at least another couple of difficult years before things start to improve, sentiment remains very fragile.
The key factor behind this depressed and volatile offshore marker has without a doubt been the continuous decrease in the crude oil price, which primarily happened for two reasons. On one hand there was/is the over-supply in production/stock combined with decreased demand for crude oil in Europe, China and a number of developing economies. The second reason is the lack of a common strategic approach between OPEC and non-OPEC countries that has consistently been weighing down on crude oil prices since 2014. In fact, from the level of $115/bbl in June 2014, prices reached $35/bbl in February 2016 and have currently settled at around $46/bbl. Irrespectively of how optimistic someone is, the above is certainly evidence that unless very specific and collective action on behalf of major producers takes place, prices will need sufficient time in order to reach again levels closer to $100/bbl.
The current lows have led major oil and gas companies to significant losses, with the majority of them trying to alter their strategic approach and to minimize their investments with respect to production and exploration. Global investment in production and exploration has in fact fallen from $700 billion in 2014 to around $580 billion in 2015, while a decrease of at least 20% is expected this year. The end of 2016 will also mark the first time that the offshore industry witnesses three years of continuous decrease in investment production.
The cost/investment downsize approach that oil companies are undertaking, is directly affecting oil workers and companies owning OSV (Offshore Supply Vessels) that provide services in re-supply functions and towage or rescue services to offshore drilling platforms. As expected, in the current state of the market, oversupply poses a major issue in both the Anchor Handling Tug Supply (AHTS) as well as the Platform Supply Vessels (PSVs) fleet, while taking into account the new-building vessels that will be delivered in the remainder of 2016 as well as during next year, we expect excess supply to keep weighing down on the market for longer. Having identified the specific issue, big offshore groups like MAERSK for example, which own the specific vessels types, have announced that they will recycle, modify or sell to non-Oil and Gas owners in order to minimize the help tackle the issue.
This over-supply in the offshore market has resulted in both modern and older offshore vessels being offered for sale in very attractive prices compared to previous years but also with respect to the price these were built, creating without a doubt asset play opportunities for those willing to risk a prolonged - possible beyond 2018 - market downturn.
By Panos Makrinos
Offshore Director
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
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- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
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