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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, 24 October 16
U.S WEEKLY COAL PRODUCTION DECLINED 3.2% TO 16 MMST WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Monday, 24 October 16
DRY BULK:MARKET ENDS WEEK WITH MIXED REACTIONS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ending with mixed direction as Cape and BDI was declined ...
Thursday, 20 October 16
THE PORT OF NEWCASTLE SHIPPED 16.97 PERCENT MORE COAL IN SEPTEMBER
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,216.7 m ...
Thursday, 20 October 16
A SUPRAMAX HAVE BEEN FIXED AT $12,500 FOR A INDIA TO BANGLADESH TRIP - FEARNLEYS
Supramax
A bit more activities with modest upturn in rates.
According to Fearnleys weekly report, US Gulf trip to Skaw-Passero has seen cons ...
Wednesday, 19 October 16
THE SHIPPING MARKET IS IN A WAIT AND SEE MODE - INTERMODAL
We are now heading towards the end of a rather volatile 2016 for the dry bulk segment. During the last 10 months there were never any clear indicat ...
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- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Planning Commission, India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
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