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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, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
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- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
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