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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, 12 December 16
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this past week and ending on a negative note week ...
Thursday, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
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- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Aditya Birla Group - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Planning Commission, India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Australian Coal Association
- Electricity Authority, New Zealand
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