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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, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
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- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
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