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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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Friday, 27 November 15
INDONESIA COAL SWAPS: WEEK ENDING 20 NOVEMBER CLOSED HIGHER COMPARED TO THE PREVIOUS WEEK
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and up on week over week. Coal prices seen slight improvements thi ...
Friday, 27 November 15
FOB RICHARDS BAY COAL SWAPS UP FROM LAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up week over week and month over month.
The Q1’ 2016 swa ...
Thursday, 26 November 15
ITALY'S STEAM COAL IMPORTS EXPECTED TO REACH 16 MILLION TONS AND COKING COAL IMPORTS TO AMOUNT TO 4 MILLION TONS - ASSOCARBONI
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
- “Coal has made huge steps towards environmental sustainability, making itself t ...
Thursday, 26 November 15
DRY BULK MARKET WILL REBOUND EVENTUALLY, BUT THINGS WILL BECOME EVEN WORSE BEFORE THEY IMPROVE SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market’s benchmark, the Baltic Dry Index (BDI) reached an all-time late last week and has failed to rebound significantly eve ...
Thursday, 26 November 15
Q3'16 FOB NEWCASTLE COAL SWAP FALLS 27.5% SINCE 20 FEB 2015
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $5 per ton (12.05%) month over month to US$ 36.50 per ton. The s ...
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- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
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