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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
Tuesday, 21 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
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- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- VISA Power Limited - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
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