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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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Friday, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
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