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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.
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Wednesday, 27 April 16
INDONESIAN COAL MINER KIDECO REPORTED NET PROFIT OF US$138.1 MILLION IN 2015
COALspot.com: Kideco Jaya Agung, one of the Indonesia's leading coal miners has reported net profit of US$138.1 million on revenue of US$1.65 b ...
Tuesday, 26 April 16
INDONESIA BANNED COAL EXPORTS TO PHILIPPINES BY BARGES DUE TO SECURITY CONCERN
COALspot.com: The Ministry of Energy and Mineral Resources (ESDM) on behalf of the government of Indonesia has Freeze coal exports by barges to Phi ...
Tuesday, 26 April 16
NEWBUILDING DEMAND DOWN EVERYWHERE? - CLARKSONS
Newbuild activity provides one indication of an owner country’s likely future fleet growth, though secondhand sale and purchase and demolitio ...
Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elev ...
Monday, 25 April 16
WEEKLY CS (I) COAL INDICES END ALMOST FLAT
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.05 percent week over week to averaging $38.67 per ton on this past Friday, acco ...
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- PTC India Limited - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- The University of Queensland
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
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