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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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Tuesday, 01 December 15
TANKERS VERSUS BULKERS - JUST PLAYING CATCH UP? - CLARKSONS
It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000 ...
Monday, 30 November 15
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
ASSOCARBONI is in favour of an international mechanism to provide financial support to countries building high efficiency low emission coal plants. ...
Monday, 30 November 15
CS 5000 GAR COAL INDEX FIRM D-O-D; WEAK W-O-W
COALspot.com: The 5000 GAR CS (i) coal index up slightly day over day.
According to the system generated index, the CS 50 (5000 GAR coal) was ...
Monday, 30 November 15
CFR SOUTH CHINA COAL SWAPS REMAINED UNCHANGED FROM LAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.50 (9.78%) per ton month over month.
A commodity swap ...
Sunday, 29 November 15
CAPE INDEX SURGES 383 POINTS WEEK OVER WEEK, BOOSTS BALTIC DRY INDEX
COALspot.com: The Baltic Dry Index, a measure of shipping rates, fell to 498 points on 20 November and touched a 30-year low, but on 27 November th ...
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- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
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