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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, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
Monday, 18 April 16
SOUTH KOREA STATE-OWNED UTILITY KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 70,000 Metric Tons of 4,600 kcal/kg NAR coal for ...
Monday, 18 April 16
SOUTH AFRICA RB1 COAL HAS LOST GROUND IN INDIA; RB2 MAY LOSE GRIP IF THE PRICE CROSSES US$ 50 A TON - TRADERS
COALspot.com: Indian coal consumers preferred to buy South Africa RB2 coal instead of RB1 coal recent months due to RB2's low CFR price level. ...
Monday, 18 April 16
CAPESIZE INDEX ROSE 44.66 PER CENT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 15 April 16
PANAMAX MARKET CONTINUES TO FIRM - FEARNLEYS
Cape
It has been a positive freight market for the past few weeks, however, this week the market is taking a small breather, says Fearnleys in it ...
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- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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