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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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Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
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- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
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