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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, 10 March 16
IT FEELS SAFE TO SAY THAT THE MARKET IS SLOWLY AND PAINFULLY REGAINING ITS BALANCE
With the BDI marking its third consecutive positive weekly closing, it feels safe to say that the market is regaining its balance; slowly and painf ...
Wednesday, 09 March 16
U.S. COAL EXPORTS DECLINED 24% (74 MMST) IN 2015; COAL PRODUCTION IS EXPECTED TO DECREASE BY 111 MMST IN 2016 - EIA
U.S. Coal Supply
EIA estimates that U.S. coal production for February 2016 was 54 million short tons (MMst), a 4 MMst (7%) decrease from the prev ...
Wednesday, 09 March 16
RI MAY HAVE TO IMPORT COAL FOR FUTURE POWER PLANTS: STUDY - THE JAKARTA POST
With coal prices continuing to decline, Indonesia will struggle to provide the coal needed to fire up its power stations in the near future, a stud ...
Tuesday, 08 March 16
INDONESIA HIKES COAL BENCHMARK PRICE FOR THE FIRST TIME IN 12 MONTHS
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016, but up slightly in Mar ...
Tuesday, 08 March 16
THE DRY CARGO MARKET ENDURED ONE OF ITS MOST DIFFICULT YEARS IN 2015, EXPERIENCING LOWS NOT SEEN SINCE THE MID 1980S - CLARKSONS
Whilst shipping and offshore markets have seen some good opportunities during 2015, overall there have been unprecedented challenges, so we are ver ...
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- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Parliament of New Zealand
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- White Energy Company Limited
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