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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, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
Friday, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- ASAPP Information Group - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
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