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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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Monday, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
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- CNBM International Corporation - China
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Planning Commission, India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- VISA Power Limited - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
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