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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, 11 April 16
BDI ROSE TO ITS HIGHEST LEVEL IN FOUR MONTHS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 08 April 16
COASTAL ENERGEN CROSSES GENERATION OF 1068 MW AND EXPORT OF 1004 MW FROM ITS 1200 MW IPP
COALspot.com: Coal & Oil (C&O) Group, an India centric Energy & Infrastructure company announced that their Coastal Energen' ...
Friday, 08 April 16
WEEKLY US COAL PRODUCTION ESTIMATES DIP 5.4% TO 11 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11 million short ...
Friday, 08 April 16
MINISTER OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO ISSUE REGULATION TO GUARANTEE THE COAL SUPPLY TO ITS 35K POWER PLANT PROJECTS
COALspot.com: In order to guarantee the supply of coal for 35,000 megawatt (mw) coal based power plants ( still in planning stage), the Minister of ...
Thursday, 07 April 16
CHINA STEEL CAPACITY CUTS FACE SOCIAL, FINANCIAL HURDLES - FITCH RATINGS
Fitch Ratings says today that the Chinese government's supply-side reform of the steel sector faces immense social and financial challenges. Th ...
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- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Posco Energy - South Korea
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
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