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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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Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
Thursday, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
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- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- The University of Queensland
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
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