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