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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, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
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- Deloitte Consulting - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
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