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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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Thursday, 31 March 16
CAPE: ANOTHER UNEVENTFUL WEEK WITH FIXTURES CONCLUDED AT LAST DONE LEVELS - FEARNLEYS
Cape
Another uneventful week with fixtures concluded at last done levels, CS levels remain around the USD 3 mark, whilst C3 is still just short o ...
Wednesday, 30 March 16
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE METHODOLOGY TO DETERMINE THE SELLING PRICE OF COAL TO MINE-MOUTH POWER PLANTS
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) of Indonesia to review to revise methodology to determine the selling price of co ...
Wednesday, 30 March 16
VALEMAXES: THE BIGGEST NIGHTMARE OF TODAY'S DRY BULK MARKET - INTERMODAL
At a time that Europe is still dealing with the aftermath of the terrorist attacks in Brussels our society is daily bombarded with news of terroris ...
Tuesday, 29 March 16
BULK CARRIER VENTILATION - CAPTAIN PAUL R. WALTON
KNOWLEDGE TO ELEVATE
Moisture damage is a source of many cargo claims. Claimants allege that it is brought about by the ship’s failure t ...
Monday, 28 March 16
INDONESIAN WEEKLY CS50 COAL INDEX CLOSED SLIGHTLY FIRM; CS 57 INDEX CLOSED WEAK
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.03 percent week over week to averaging $38.91 per ton on this past Thursday, ...
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- The Treasury - Australian Government
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
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