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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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- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- White Energy Company Limited
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
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