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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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Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
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- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Bhatia International Limited - India
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
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