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