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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, 18 October 16
COAL PRICES KEPT CLIMBING
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Tuesday, 18 October 16
PANAMAX: A FAIRLY POSITIVE END TO THE WEEK - ALLIED
Capesize
Things seemed to be moving sideways during the first half of the week, with resistance being felt as owners tried to resist any further ...
Monday, 17 October 16
THE FREIGHT MARKET WAS SOFTENED IN ALL SEGMENTS THIS PAST WEEK - VISTAAR
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 14 October 16
SUPRAMAXES: DELIVERY SINGAPORE ARE SETTLING AROUND HIGH 6K'S FOR COAL TRIPS TO CHINA VIA INDO - FEARNLEY
Supramax
Wait and see attitude prevailing all over the market.
There have been several fresh cargoes, which have been efficiently covered by ...
Friday, 14 October 16
U.S. SHIPPED 3.3 MMST COAL IN JULY 2016; DECLINE 40% M/M
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.6 million short ton ...
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- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Planning Commission, India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Australian Coal Association
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
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