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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, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
Friday, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
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- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- The University of Queensland
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
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