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Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
 Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of years. The harsh reality is that offshore owners have been dealing with equally bad and sometimes even worse conditions that those owners in the more conventional sectors have been facing.
Since the second half of 2014 and up until today, offshore owners have witnessed a very depressed and volatile market, while as the majority of industry specialists all around keeps stressing that the market is due to face at least another couple of difficult years before things start to improve, sentiment remains very fragile.
The key factor behind this depressed and volatile offshore marker has without a doubt been the continuous decrease in the crude oil price, which primarily happened for two reasons. On one hand there was/is the over-supply in production/stock combined with decreased demand for crude oil in Europe, China and a number of developing economies. The second reason is the lack of a common strategic approach between OPEC and non-OPEC countries that has consistently been weighing down on crude oil prices since 2014. In fact, from the level of $115/bbl in June 2014, prices reached $35/bbl in February 2016 and have currently settled at around $46/bbl. Irrespectively of how optimistic someone is, the above is certainly evidence that unless very specific and collective action on behalf of major producers takes place, prices will need sufficient time in order to reach again levels closer to $100/bbl.
The current lows have led major oil and gas companies to significant losses, with the majority of them trying to alter their strategic approach and to minimize their investments with respect to production and exploration. Global investment in production and exploration has in fact fallen from $700 billion in 2014 to around $580 billion in 2015, while a decrease of at least 20% is expected this year. The end of 2016 will also mark the first time that the offshore industry witnesses three years of continuous decrease in investment production.
The cost/investment downsize approach that oil companies are undertaking, is directly affecting oil workers and companies owning OSV (Offshore Supply Vessels) that provide services in re-supply functions and towage or rescue services to offshore drilling platforms. As expected, in the current state of the market, oversupply poses a major issue in both the Anchor Handling Tug Supply (AHTS) as well as the Platform Supply Vessels (PSVs) fleet, while taking into account the new-building vessels that will be delivered in the remainder of 2016 as well as during next year, we expect excess supply to keep weighing down on the market for longer. Having identified the specific issue, big offshore groups like MAERSK for example, which own the specific vessels types, have announced that they will recycle, modify or sell to non-Oil and Gas owners in order to minimize the help tackle the issue.
This over-supply in the offshore market has resulted in both modern and older offshore vessels being offered for sale in very attractive prices compared to previous years but also with respect to the price these were built, creating without a doubt asset play opportunities for those willing to risk a prolonged - possible beyond 2018 - market downturn.
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 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
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- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
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