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