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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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Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Australian Coal Association
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Economic Council, Georgia
- Thai Mozambique Logistica
- The University of Queensland
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