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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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Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
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- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Wilmar Investment Holdings
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Central Electricity Authority - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
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