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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, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
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- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- VISA Power Limited - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
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