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Wednesday, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
 The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry as well as for the entire production chain from the oil rigs to the offshore units.
In addition to that, in a very short period of time new contract values dropped dramatically (more than 50%) for floating rigs and jackups. Meanwhile similarly to the Dry bulk SnP market, as the drop in time charter rates to very low levels resulted in an oversupply of tonnage available for sale.
Amidst lack of demand for available jobs/projects/tenders in the North Sea and in the other traditionally strong offshore trading regions, ship-owners who wanted to significantly minimize their OPEX in order to survive this downturn, were forced to lay up their vessels (AHTS-PSV). By the end of 2015, more than 120 offshore support vessels (OSV’s) where officially reported as laid-up in the North Sea alone, with that number continuously growing concurrently with the downward rally in oil prices.
In more detail, on February 2016, the oversupply for offshore units was estimated to be at around 600-700 units for PSV’s and around 800 units for AHTS vessels. These numbers where steadily increasing as the result of newbuilding deliveries and almost zero scrapping activity in the sector.
Taking the aforementioned into account, the forecasts concerning the beginning and the end of 2016 were, similarly to 2015, pessimistic for the oil industry and more importantly for the offshore oil services, equipment and drilling industries. As forecast proved to be rather accurate, 2016 can be characterized as a very bad year with an immense lack of demand for big offshore and deep-water projects. In addition, 2016 resulted in further weakening of asset values and charter rates of drilling rigs and OSV’s. For OSV’s specifically, rates dropped over 25%.
The price of crude oil towards the end of 2016 moved to 55$/bl, from its lows below 30$/bbl in February 2016, but this improvement made almost no difference to the offshore industry/services market that kept witnessing a downward trend in all segments throughout 2016.
Nonetheless, the increase in oil prices last year has inspired some optimism in regards to a further improvement in price levels taking place this year. Of crucial importance to this increase was without a doubt the OPEC agreement to decrease, for the very first time since 2008, production from 33.8 million barrels per day to 32.5 million, which spiked the market upwards.
Going through the second month of 2017, the current mood is admittedly more optimistic compared to the previous two years. Indeed, many offshore analysts signal for the first time since the second half of 2014 the beginning of the recovery in the Energy & Gas market as oil prices are expected to further recover and oil/gas exploration and production activity to start firming again. However, even if oil prices indeed move higher during this year the offshore market will still need additional time before it reaches a full on recovery.
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, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
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- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
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