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