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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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- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- The University of Queensland
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Parliament of New Zealand
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
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