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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, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
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- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
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