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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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Monday, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
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, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
MARKET INSIGHT
Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and ...
Wednesday, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year ...
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- Independent Power Producers Association of India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
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