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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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Thursday, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
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- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- MS Steel International - UAE
- Central Electricity Authority - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
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