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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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Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
Friday, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
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- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- MS Steel International - UAE
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
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