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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, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
Wednesday, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- PTC India Limited - India
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
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