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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
Tuesday, 10 January 17
SHIPPING MARKET 2017
After having entered into a New Year, fresh hopes seem to be high for this to be the turning point in the market that many have been looking forwar ...
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- GMR Energy Limited - India
- The University of Queensland
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Planning Commission, India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Australian Coal Association
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
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