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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, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
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- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- White Energy Company Limited
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Sical Logistics Limited - India
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