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