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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, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
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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- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
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