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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, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
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