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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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Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
Wednesday, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Economic Council, Georgia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
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