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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Australian Coal Association
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
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