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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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Thursday, 10 November 16
WILL TRUMP VICTORY PROVIDE A BOOST FOR HYDROCARBON & COAL INDUSTRIES? - DOUGLAS-WESTWOOD
Donald Trump’s surprise victory ends months of an adversarial presidential campaign with bitter disagreements between the two major candidate ...
Thursday, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
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- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
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