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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- The University of Queensland
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Posco Energy - South Korea
- White Energy Company Limited
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
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