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Wednesday, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
 The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry as well as for the entire production chain from the oil rigs to the offshore units.
In addition to that, in a very short period of time new contract values dropped dramatically (more than 50%) for floating rigs and jackups. Meanwhile similarly to the Dry bulk SnP market, as the drop in time charter rates to very low levels resulted in an oversupply of tonnage available for sale.
Amidst lack of demand for available jobs/projects/tenders in the North Sea and in the other traditionally strong offshore trading regions, ship-owners who wanted to significantly minimize their OPEX in order to survive this downturn, were forced to lay up their vessels (AHTS-PSV). By the end of 2015, more than 120 offshore support vessels (OSV’s) where officially reported as laid-up in the North Sea alone, with that number continuously growing concurrently with the downward rally in oil prices.
In more detail, on February 2016, the oversupply for offshore units was estimated to be at around 600-700 units for PSV’s and around 800 units for AHTS vessels. These numbers where steadily increasing as the result of newbuilding deliveries and almost zero scrapping activity in the sector.
Taking the aforementioned into account, the forecasts concerning the beginning and the end of 2016 were, similarly to 2015, pessimistic for the oil industry and more importantly for the offshore oil services, equipment and drilling industries. As forecast proved to be rather accurate, 2016 can be characterized as a very bad year with an immense lack of demand for big offshore and deep-water projects. In addition, 2016 resulted in further weakening of asset values and charter rates of drilling rigs and OSV’s. For OSV’s specifically, rates dropped over 25%.
The price of crude oil towards the end of 2016 moved to 55$/bl, from its lows below 30$/bbl in February 2016, but this improvement made almost no difference to the offshore industry/services market that kept witnessing a downward trend in all segments throughout 2016.
Nonetheless, the increase in oil prices last year has inspired some optimism in regards to a further improvement in price levels taking place this year. Of crucial importance to this increase was without a doubt the OPEC agreement to decrease, for the very first time since 2008, production from 33.8 million barrels per day to 32.5 million, which spiked the market upwards.
Going through the second month of 2017, the current mood is admittedly more optimistic compared to the previous two years. Indeed, many offshore analysts signal for the first time since the second half of 2014 the beginning of the recovery in the Energy & Gas market as oil prices are expected to further recover and oil/gas exploration and production activity to start firming again. However, even if oil prices indeed move higher during this year the offshore market will still need additional time before it reaches a full on recovery.
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, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- London Commodity Brokers - England
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
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