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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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Tuesday, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
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- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Aditya Birla Group - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Australian Coal Association
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- PTC India Limited - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- MS Steel International - UAE
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
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