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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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Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
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- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
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