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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, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
...
Wednesday, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
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- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- The University of Queensland
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- White Energy Company Limited
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Australian Coal Association
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
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