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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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Tuesday, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
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- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
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