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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 31 March 16
CAPE: ANOTHER UNEVENTFUL WEEK WITH FIXTURES CONCLUDED AT LAST DONE LEVELS - FEARNLEYS
Cape
Another uneventful week with fixtures concluded at last done levels, CS levels remain around the USD 3 mark, whilst C3 is still just short o ...
Wednesday, 30 March 16
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE METHODOLOGY TO DETERMINE THE SELLING PRICE OF COAL TO MINE-MOUTH POWER PLANTS
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) of Indonesia to review to revise methodology to determine the selling price of co ...
Wednesday, 30 March 16
VALEMAXES: THE BIGGEST NIGHTMARE OF TODAY'S DRY BULK MARKET - INTERMODAL
At a time that Europe is still dealing with the aftermath of the terrorist attacks in Brussels our society is daily bombarded with news of terroris ...
Tuesday, 29 March 16
BULK CARRIER VENTILATION - CAPTAIN PAUL R. WALTON
KNOWLEDGE TO ELEVATE
Moisture damage is a source of many cargo claims. Claimants allege that it is brought about by the ship’s failure t ...
Monday, 28 March 16
INDONESIAN WEEKLY CS50 COAL INDEX CLOSED SLIGHTLY FIRM; CS 57 INDEX CLOSED WEAK
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.03 percent week over week to averaging $38.91 per ton on this past Thursday, ...
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- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
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