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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, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
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- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- The University of Queensland
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
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