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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
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