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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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- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- The University of Queensland
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
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