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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, 05 October 16
SHIPPING MARKET INSIGHT
On September 27th the OPEC petroleum and energy ministers arrived in Algeria to attend the International Energy Forum, which brought together produ ...
Monday, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY CONTINUES
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 ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
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- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
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