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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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Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
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- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Australian Coal Association
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
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