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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, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
Friday, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
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- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
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