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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, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
Monday, 18 April 16
SOUTH KOREA STATE-OWNED UTILITY KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 70,000 Metric Tons of 4,600 kcal/kg NAR coal for ...
Monday, 18 April 16
SOUTH AFRICA RB1 COAL HAS LOST GROUND IN INDIA; RB2 MAY LOSE GRIP IF THE PRICE CROSSES US$ 50 A TON - TRADERS
COALspot.com: Indian coal consumers preferred to buy South Africa RB2 coal instead of RB1 coal recent months due to RB2's low CFR price level. ...
Monday, 18 April 16
CAPESIZE INDEX ROSE 44.66 PER CENT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 15 April 16
PANAMAX MARKET CONTINUES TO FIRM - FEARNLEYS
Cape
It has been a positive freight market for the past few weeks, however, this week the market is taking a small breather, says Fearnleys in it ...
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- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Australian Coal Association
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Minerals Council of Australia
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
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