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