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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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Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
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- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Australian Coal Association
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
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