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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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- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Heidelberg Cement - Germany
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