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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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Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
Monday, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-in ...
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- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Australian Coal Association
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Planning Commission, India
- London Commodity Brokers - England
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
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