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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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Friday, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
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- Bhatia International Limited - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Planning Commission, India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- The University of Queensland
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Australian Coal Association
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
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