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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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Wednesday, 11 May 16
MARKET INSIGHT - KATERINA RESTIS
On Saturday 7th May, Riyadh replaced the long-serving oil minister of more than two decades, Ali-Al-Naimi, as part of a major government overhaul, ...
Tuesday, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- MS Steel International - UAE
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
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