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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, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
Monday, 31 October 16
INDONESIAN 5000 GAR COAL ROSE 5.56% WEEK OVER WEEK - CS COAL INDEX
COALspot.com: The price for thermal coal has recovered substantially since April 2016. The China’s new policy on its domestic coal miners, th ...
Friday, 28 October 16
STEAM COAL IMPORTS: CHINA AND INDIA'S ROLE REVERSALS - BEN TRIMMEL
While a sharp decline in European imports is a key driver of the expected fall in steam coal trade this year, China and India remain leading actors ...
Friday, 28 October 16
U.S. WEEKLY COAL OUTPUT ROSE DURING THE WEEK ENDING OCTOBER 22 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 27 October 16
73.08 PERCENT OF COAL PRODUCERS PREDICTED INDIA WILL NOT STOP COAL IMPORTS IN 2 TO 3 YEARS - POLL
COALspot released its weekly opinion poll "How likely do you think India will STOP thermal coal imports in 2-3 years?" this Monday.
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- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- The University of Queensland
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
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