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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, 10 March 16
IT FEELS SAFE TO SAY THAT THE MARKET IS SLOWLY AND PAINFULLY REGAINING ITS BALANCE
With the BDI marking its third consecutive positive weekly closing, it feels safe to say that the market is regaining its balance; slowly and painf ...
Wednesday, 09 March 16
U.S. COAL EXPORTS DECLINED 24% (74 MMST) IN 2015; COAL PRODUCTION IS EXPECTED TO DECREASE BY 111 MMST IN 2016 - EIA
U.S. Coal Supply
EIA estimates that U.S. coal production for February 2016 was 54 million short tons (MMst), a 4 MMst (7%) decrease from the prev ...
Wednesday, 09 March 16
RI MAY HAVE TO IMPORT COAL FOR FUTURE POWER PLANTS: STUDY - THE JAKARTA POST
With coal prices continuing to decline, Indonesia will struggle to provide the coal needed to fire up its power stations in the near future, a stud ...
Tuesday, 08 March 16
INDONESIA HIKES COAL BENCHMARK PRICE FOR THE FIRST TIME IN 12 MONTHS
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016, but up slightly in Mar ...
Tuesday, 08 March 16
THE DRY CARGO MARKET ENDURED ONE OF ITS MOST DIFFICULT YEARS IN 2015, EXPERIENCING LOWS NOT SEEN SINCE THE MID 1980S - CLARKSONS
Whilst shipping and offshore markets have seen some good opportunities during 2015, overall there have been unprecedented challenges, so we are ver ...
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- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Australian Coal Association
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- PTC India Limited - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
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