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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, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
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- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- The University of Queensland
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Tamil Nadu electricity Board
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