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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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Thursday, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
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, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- MS Steel International - UAE
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
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