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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, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
Friday, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
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- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Australian Coal Association
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Mercator Lines Limited - India
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