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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, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
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- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Australian Coal Association
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Planning Commission, India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
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