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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, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
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- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
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