Asian Shipbuilders Brace For Rough Times As Offshore Sector Wavers

The New Year is setting off on a dour note for energy investors of all stripes, but among those who should be the most concerned are investors in the offshore sector.

The offshore industry is beyond awful at this point. Offshore drilling is one of the most complex and capital intensive forms of E&P, and with every oil company in the world from Exxon to Mom & Pop operators looking to cut back, demand for offshore rig services is on life support. That reality is obvious looking at the abysmal performance of the world’s biggest ship builders which happen to be a trio of Korean companies.

EU budget loses billions from smuggled marine oil in Greece

In an article published in the monthly magazine “UNFOLLOW” I read that annual tax losses from smuggling marine oil in Greece, a country under EU/IMF/EIB supervision, is estimated at €500 million by the Customs Authorities, €1.5 billion by the ministry of finance, while the market estimates it at €3 billion (tax losses per year without counting penalties).