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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, 02 August 16
INDONESIAN CS COAL INDICES STAY POSITIVE
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.71% week over week to averaging $41.12 per ton this past week, shows CS (i) C ...
Monday, 01 August 16
4200 GAR INDONESIAN COAL PRICE MAY TOUCH $ 32/33 A TON LEVELS SOON
COALspot.com: Indonesian coal prices are likely surge further in 2016 as the recent price movement in Indonesian coal markets suggests that the mar ...
Monday, 01 August 16
BALTIC INDEX ENDED NEGATIVE NOTE THIS PAST WEEK ON WEAKER RATES ACROSS ALL LARGE VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape, Panamax and Supramax segments end ...
Friday, 29 July 16
U.S. COAL OUTPUT SLIPS SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 15 million short tons ( ...
Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
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- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
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