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