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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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Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
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- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
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