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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, 04 August 16
INDONESIAN COAL PRICES ARE STARTING TO ZOOM HIGHER; HBA ROSE 10.13% TO US$ 58.37 PER TON
COALspot.com: The Indonesia coal benchmark price hits to its highest level since August 2015.
The Director General of Mineral and Coa ...
Thursday, 04 August 16
BREXIT: IMPLICATIONS FOR GLOBAL SHIPPING AND SEA TRADE - EVERSHEDS
The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect ...
Wednesday, 03 August 16
RECAAP INFORMATION SHARING CENTRE ISSUES SPECIAL REPORT ON THE ABDUCTING OF CREW FROM SHIPS IN WATERS OFF EASTERN SABAH AND SOUTHERN PHILIPPINES - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In the light of three incidents where the crew of tug boats were abducted in the waters off Eastern Sabah and Southern Ph ...
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its glob ...
Wednesday, 03 August 16
SHIP TRADING AND ORDERING CLOSE TO A STALEMATE AS SUMMER LULL KICKS IN
With newbuilding activity already at a near standstill since the start of the year, most of 2016’s trading activity in shipping was evident i ...
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- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Siam City Cement - Thailand
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
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