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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Central Electricity Authority - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Australian Coal Association
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
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