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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, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
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- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- The University of Queensland
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
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