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Wednesday, 02 March 16
OIL MY GOD.....!!!!
 OIL my GOD….!!!!
The oil price “crash” that started in 2014 was caused by a glut of practically unwanted oil. Producers had been providing the world with about 2million barrels a day more than what demand supported.
Today oil is trading at its 12 year low, 70% down today since mid-2014. Low oil prices might be welcome by consumers and businesses, but economies, financial markets, oil and gas producers, are not on the same side of the table. We feel the need to focus on the present OPEC talks about a possible cut back in production so to lift prices off the low levels of today. Last week, Saudi Arabia and Russia the world’s biggest oil producers joined Venezuela, Kuwait and Qatar in an agreement to cap output. As per talks, all countries agree to cut back their respective production, with the prerequisite that this will be a unanimous decision by all.
It is very uncertain if Iran would participate in such decision, as finally being in a post-sanctions era, the country will try to regain market share and that will surely involve growing production. True expectation from this action is to find a better equilibrium and to match supply with demand as today supply still exceeds demand and record global oil stockpiles continue to mount. A production freeze would not create an immediate price shock, however if an agreement comes into place soon, we should see oil prices correcting upwards sometime in the 2nd half of this year.
Moving on to our industry, it is no secret that tankers have been enjoying great rates because of increased oil demand, while they have been also benefiting from low bunker prices. Bulkers, despite suffering severely due to low freights, have pretty much found a lifejacket in the form of low bunker costs, although –something that is not often said - slow steaming is no longer slow, which in itself has been weighing down on rates.
Although the effects of low oil prices on both tankers and bulkers have been widely discussed, little has been said for the positive effects that the Passenger and Ro-Pax sectors have been enjoying. About two years ago, bunker expenses where accounting for more than 65% of their voyage operating costs. Today that bunkers have been reduced by 70%, these costs represent about 20% of the present voyage costs.
Needless to say that currently and without taking into consideration any increase in demand for their services nor any increase in car/truck and passenger traffic, these ships have had a significant improvement in their generated net profits. On top of that, there is a lack of tonnage available particularly in the 110-130m LOA size and also in the 2,000-2,500 passenger capacity and 2,000-3,000 lane meter garage space. Not many ships were built post 2000 as prevailing bunker prices then made operation of these ships marginally profitable or non-profitable at all. Values of existing ships have increased, as the cash flow generated is attractive and lacking any replacement candidates.
To put it simply; the cost of replacement is practically the cost of building a new ship! All these factors have boomed the Ro-Pax business both domestically here in Greece as well as internationally and the prospects for this niche market seem very positive for the future times ahead. Interest is there to invest and also to build new ships based on LNG fueled and other innovative ship design developments.
By John N. Cotzias
SnP Broker
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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, 29 April 16
U.S. COAL IMPORTS IN Q4' 15 DECLINED TO 2.7 MMST FROM 3 MMST IN Q3' 15
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.3 million short tons (mm ...
Thursday, 28 April 16
PRICES OF POWER-STATION COAL IN INDONESIA IS INCREASING
COALspot.com: Inquiries for Indonesian 4200 - 4400 Kcal/kg GAR thermal coal cargoes from India suddenly increase recent days.
A Jakarta-based ...
Thursday, 28 April 16
KOMIPO TO IMPORT 710K MT OF BITUMINOUS COAL DURING JULY - SEPTEMBER 2016
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 710,000 Metric Tons of Bituminous Coal for its B ...
Thursday, 28 April 16
CAPE: BIT MORE OPTIMISM IN THE MARKET; SUPRAMAX: FORWARD CURVE IS FALLING - FEARNLEYS
Cape
A bit of a slower week. Activity level has dropped, though the rates do still remain firm, says Fearnleys in its latest weekly report.
...
Wednesday, 27 April 16
THE OCEAN SHIPPING EXPERIENCED DRAMATIC VOLATILITY IN THE BEGINNING OF 2016 - PANOS TSILINGIRIS
Shipping’s new (ab)normal
The global economy and ocean shipping experienced dramatic volatility in the beginning of 2016 and as the glob ...
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- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
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