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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, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
Monday, 14 November 16
DUNIA MAKMUR SUBSIDIARY BAGS MINING SERVICE CONTRACT WORTH $ 282.63 MILLION
PT Bukit Makmur Mandiri Utama (BUMA), has signed a life of mine contract with PT Tadjahan Antang Mineral (TAM) with a contract value of approximate ...
Monday, 14 November 16
THE CAPE INDEX ROSE 44.57 PER CENTS TO 2303 POINT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 11 November 16
INDONESIAN 4200 GAR COAL IS THE MOST ATTRACTIVE COAL IN TODAY'S MARKET - OPINION POLL
“ Which coal type of Indonesian origin do you find the most attractive in today's market?”
The on-line opinion poll conducted ...
Friday, 11 November 16
WEEKLY U.S. COAL OUTPUT FELL SLIGHTLY W/E NOVEMBER 5
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.9 million short ton ...
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- Planning Commission, India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
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