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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, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
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- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- VISA Power Limited - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
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