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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, 01 September 16
SUPRAMAX GETTING LEVELS OF MID/HIGHER 7K DELIVERY SINGAPORE FOR TRIPS TO CHINA AND AROUND 9K FOR DIRECTION INDIA - FEARNLEYS
Supramax
This week started slower with London on bank holiday Monday. The south east Asian market seems to have been taking a breather with chart ...
Thursday, 01 September 16
AUSTRALIA'S NEWCASTLE PORT SHIPPED 2.33 PERCENT MORE COAL IN JULY
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.10 bill ...
Wednesday, 31 August 16
THE DRY BULK MARKET MANAGED TO FIND FURTHER SUPPORT DURING THE LAST DAYS OF THE SUMMER SEASON - INTERMODAL
The Dry Bulk market managed to find further support during the last days of the summer season, with the BDI climbing above 700 last Friday, reachin ...
Tuesday, 30 August 16
THE SUDDEN SURGE IN IRON ORE TRADE HAS CREPT UP ON THE MARKET THIS PAST WEEK - GEORGE LAZARIDIS
The sudden surge in Iron ore trade has crept up on the market this past week bringing about a change in the prospects for Capes. Continued increase ...
Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
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- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- PTC India Limited - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- White Energy Company Limited
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
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