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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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Thursday, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
Thursday, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party & ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
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- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- VISA Power Limited - India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
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