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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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Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
Friday, 07 October 16
CEYLON SHIPPING CORPORATION HAS TAKEN DELIVERY OF COAL CARRIER MV.CEYLON PRINCESS
Sri Lanka’s Ceylon Shipping Corporation (CSC) has taken delivery of its second newly built bulk carrier for the transportation of coal to pow ...
Friday, 07 October 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 540.5 MMST; DOWN 21.9% Y-O-Y, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 06 October 16
SHIPS IN PACIFIC ACHIEVE JUST ABOVE $10K DAILY FOR A BRAZIL ROUND VOYAGE - FEARNLEYS
Supramax
Slower week with limited activity due to holidays in the East. Mixed feelings within different markets, with slight downturn in Pacific ...
Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we mo ...
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- Eastern Energy - Thailand
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- The University of Queensland
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Planning Commission, India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
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