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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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Wednesday, 25 November 15
INDIA'S POWER GENERATORS FACE LOW, FALLING UTILISATION RATE - FITCH
COAlspot.com: Fitch Ratings says in a new report that the utilisation rate of India's thermal power generation capacity continued to decline in ...
Wednesday, 25 November 15
BIG CHINESE COPPER PROCESSORS DEFEND MARGINS THROUGH R&D, SAYS FITCH
Large Chinese copper processors are focusing on higher value-added products and investing in R&D to enhance their technical know-how to maintai ...
Wednesday, 25 November 15
BIMCO LAUNCHES ANTI-CORRUPTION CLAUSE FOR SHIPPING CONTRACTS WORLDWIDE
COALspot.com: BIMCO, is the world’s largest international shipping association, with 2,200 members in around 130 countries, has now launched ...
Wednesday, 25 November 15
TANKER MARKET INSIGHT - GEORGE VASTARDIS
We have already noticed obvious signs of activity mainly West of Suez, which are currently driving the clean MR market to higher levels. Over the p ...
Tuesday, 24 November 15
COAL SUPPLY PRESSURE PUTS INDONESIAN HBA IN FREE FALL
The coal industry is slowly recognizing that, the current coal price level is not a decrease in price, but a change in pricing to corresp ...
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- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Australian Coal Association
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- PTC India Limited - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- The University of Queensland
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Minerals Council of Australia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
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