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Wednesday, 07 October 15
SHIPPING MARKET INSIGHT - INTERMODAL
 Sale and Purchase activity during the first three quarters of 2015 and more specifically during the summer season has been rather remarkable. 421 vessels, totaling 30 million dwt, changed hands in the period between June and August 2015, while in the same period last year, 304 vessels, totaling 17.8 million dwt, were sold. The increase is significant and we generally see a pretty good momentum in the number of sales as well as an increase in sale candidates at the moment.
What is also quite notable is that this year kicked off with heavy scrapping activity. As a matter of fact, during the first half of 2015 strong demo sales seemed to be laying the groundwork for a record year of scrapping, however signs of a slowdown during Q3, have now considerably lowered expectation for the year’s final figure. 739 vessels of 31million dwt were scrapped during the period Jan-Sep 2015, while 594 of these ships were sold for demo during Jan-Jun 2015. This clearly shows that activity has slowed down compared to the first half of the year.
The heavy scrapping activity that was witnessed in the first six months of 2015 was almost solely attributed to dry bulk vessels that amidst exceptionally poor rates headed for scrap in high volumes. In the first half of the year, 265 dry bulk vessels (above 20,000dwt) were scrapped, while in the entire of 2014 we count 267 vessels (above 20,000dwt) sent for demo. The case of 15-yr bulkers being sent for scrap was more than often during both Q1 and Q2, while as rates started finding a more stable foot in the beginning of the summer season, dry bulk owners of older tonnage quickly distanced themselves from the demolition option.
On the other hand and with regards to the volume of tankers that have been scrapped so far in 2015, we note that this is minimal. 68 Tankers were scrapped during the first half of the year and only 10 during the third quarter. The booming daily rates in the sector this year, have after a prolonged period of intense volatility and disappointing performance, provided tanker owners with renewed hope, while lower demolition prices have also deterred owners of tankers above their scrapping age, to hold back a little while longer. Last year, a total of 669 tankers, totaling 9.9mil dwt were sent for scrap, while this year, in the period Jan-Sep we count 314 tankers of around 2.57mil dwt.
Average demolition prices offered today are around 300 – 320 $/ton, while last year they were ranging between 400-420usd/ton. In the case of a VLCC, of about 37,000 tons lightweight, today’s demo prices translate to $3-4 million less per ship sold. Adding to that the fact that VLCC rates have soared to above $ 100,000/day in the past three weeks, there is absolutely no argument for scrapping at the moment.
If freight rates remain around or close to current levels, it will make good sense for all of the 21 VLs built between 1995 and 1996, which have reached or are about to reach their 20th year and 4th SS/DD, to get their 5 year extension. Overall sentiment remains bullish for the sector, while with Saudi Crude Production expected to stay at levels well above 10 million barrels/day, and the winter season approaching, the arguments for firm demand and negligible scrapping in the following months remain plenty.
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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Sunday, 06 December 15
DRY BULK MARKET ON REVERSE MODE, SET TO BREAK NEW ALL-TIME LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been the negative “star” of the shipping industry for quite some time. In fact if it wasn’t for the boomi ...
Sunday, 06 December 15
DESPITE TEMPTING NEWBUILDING PRICES, CONTRACTING IN DRY BULK REMAINS LOW - BIMCO
The current newbuilding prices for dry bulk ships has dropped so much that they just passed the lows of 2012 heading downwards and are now at the l ...
Friday, 04 December 15
FOB INDONESIA COAL SWAPS ARE ALMOST FLAT OVER WEAK DEMAND
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and rose slightly week over week. Coal prices seen very margi ...
Friday, 04 December 15
COAL PRODUCTION IN THE U.S. FOR W/E NOVEMBER 28TH FELL SLIGHTLY FROM THE PREVIOUS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 15.0 million shor ...
Friday, 04 December 15
MINING OUTLOOK WEAKENS FURTHER ON FALLING CHINESE DEMAND - FITCH
COALspot.com: Fitch Ratings' outlook for the global mining sector in 2016 is firmly negative, reflecting our view that Chinese demand will cont ...
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- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Planning Commission, India
- Indonesian Coal Mining Association
- Australian Coal Association
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
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