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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, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
Monday, 04 April 16
CAPE INDEX JUMPED 70% WEEK ON WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 01 April 16
ASSESSING THE DRY BULK MARKET AT ROCK BOTTOM - CLARKSONS
While the opening months of the year are typically a weak period for the dry bulk market, the downturn so far this year has been severe. Earnings h ...
Friday, 01 April 16
NINE AM - TIME TO GET AN INDONESIAN LANGUAGE VERSION OF YOUR CHARTERPARTIES - CLYDE & CO
KNOWLEDGE TO ELEVATE
For several years, Indonesian law (Article 31, Law Number 24 of 2009) has required that memoranda of understanding (" ...
Friday, 01 April 16
U.S. COAL PRODUCTION UP SLIGHTLY WEEK OVER WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.6 million shor ...
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- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- PTC India Limited - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Economic Council, Georgia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
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