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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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Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
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- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
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