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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, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- PTC India Limited - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
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