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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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Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
Monday, 02 May 16
INDIA'S GANGAVARAM PORT SETS ALL INDIA RECORD FOR NON-COKING COAL DISCHARGE
COALspot.com: Gangavaram Port, the deepest and the most modern port in India, has created yet another historical milestone record by discharging 15 ...
Monday, 02 May 16
CS (I) 5000 GAR COAL INDEX CLOSES 0.11% HIGHER, 5700 GAR COAL RISES 0.07% W/W
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.28 percent week over week to averaging $38.78 per ton on this past Friday, acco ...
Monday, 02 May 16
FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Saturday, 30 April 16
40 YEARS OF HANDLING COAL AT THE BTW IN WILHELMSHAVEN UNDER THE RHENUS FLAG
Press Release: The first bulk carrier with coal on board docked at the Bulk Terminal Wilhelmshaven (BTW), which is operated by Rhenus Midgar ...
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- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
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