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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, 01 September 16
SUPRAMAX GETTING LEVELS OF MID/HIGHER 7K DELIVERY SINGAPORE FOR TRIPS TO CHINA AND AROUND 9K FOR DIRECTION INDIA - FEARNLEYS
Supramax
This week started slower with London on bank holiday Monday. The south east Asian market seems to have been taking a breather with chart ...
Thursday, 01 September 16
AUSTRALIA'S NEWCASTLE PORT SHIPPED 2.33 PERCENT MORE COAL IN JULY
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.10 bill ...
Wednesday, 31 August 16
THE DRY BULK MARKET MANAGED TO FIND FURTHER SUPPORT DURING THE LAST DAYS OF THE SUMMER SEASON - INTERMODAL
The Dry Bulk market managed to find further support during the last days of the summer season, with the BDI climbing above 700 last Friday, reachin ...
Tuesday, 30 August 16
THE SUDDEN SURGE IN IRON ORE TRADE HAS CREPT UP ON THE MARKET THIS PAST WEEK - GEORGE LAZARIDIS
The sudden surge in Iron ore trade has crept up on the market this past week bringing about a change in the prospects for Capes. Continued increase ...
Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
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- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Planning Commission, India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Australian Coal Association
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
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