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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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Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 13 May 16
COAL CARGOES - SOME RECENT DEVELOPMENTS: SWEDISH CLUB
KNOWLEDGE TO ELEVATE
Indonesia continues to be amongst the world’s major exporters of coal, some 426Mt being traded in 2013 mostly to In ...
Friday, 13 May 16
US WEEKLY COAL PRODUCTION IS RUNNING 33% BELOW THE SAME PERIOD IN 2015 - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.9 million short tons (mm ...
Friday, 13 May 16
DRY BULK SHIPPING MARKET RECOVERY WILL BE A LONG, HARD-FOUGHT BATTLE - HELLENIC SHIPPING NEWS
Anyone who expects a strong rally in dry bulk market rates to end the industry’s downturn will be bitterly disappointed. By contrast – ...
Wednesday, 11 May 16
U.S. FORECAST COAL PRODUCTION IS EXPECTED TO DECLINED BY 150 MMST IN 2016; THE LARGEST DECLINE SINCE 1949 - EIA
COALspot.com: EIA estimates that U.S. coal production in April was 46 million short tons (MMst), a 6 MMst (12%) decrease from the previous month an ...
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- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Planning Commission, India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
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