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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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Friday, 20 May 16
U.S COAL PRODUCTION FOR THE WEEK ENDED 14 MAY TOTALED 11.4 MMST; UP 3.8% W/W
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.4 million short tons (mm ...
Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
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- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
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