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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, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
Friday, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
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- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Planning Commission, India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
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