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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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- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- The University of Queensland
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
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