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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, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
Monday, 07 November 16
HANDYSIZE: THE ASIAN INDICES RECORDED A GRADUAL DROP EVERY DAY - THE BALTIC BRIEFING
Capesize
A rumour-fuelled market this week but essentially rates a touch firmer and owners cautiously optimistic. The flotilla of vessels heading ...
Monday, 07 November 16
THE SUPRAMAX CHARTER RATES FOR INDONESIA TO INDIA WERE RATING AT AROUND $7500-8000 A DAY
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, 04 November 16
U.S COAL PRODUCTION UP WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Friday, 04 November 16
INDONESIAN INFRASTRUCTURE DEVELOPMENT TRENDS ARE UNANIMOUSLY AFFIRMED
Press Release: October 20-21, 2016 Indonesia Infrastructure Summit (IIC) opened at the Hyatt Hotel in Jakarta The theme of the meeting was "Pr ...
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- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- The University of Queensland
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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