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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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Friday, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
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- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- MS Steel International - UAE
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
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