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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, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 1.78% week over week to averaging $41.85 per ton this past week, shows CS (i) C ...
Tuesday, 09 August 16
HARD COAL PRODUCTION AND WORLD TRADE ON THE DECLINE FOR THE FIRST TIME IN YEARS - VDKI
Hard coal production and world trade on the decline for the first time in years – not a harbinger of a global energy turnaround
Worldwid ...
Tuesday, 09 August 16
BREXIT, BRITANNIA AND THE WAVES - TREVOR CROWE, CLARKSON RESEARCH
This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population&rsqu ...
Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
Monday, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
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- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Australian Coal Association
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Planning Commission, India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
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