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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 24 November 15
COAL PRICES SET TO REMAIN UNDER PRESSURE UNTIL 2016 DUE TO OVER SUPPLY GLUT; H1 '16 COAL SWAPS DOWN 13% M-M
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 ...
Monday, 23 November 15
NEGATIVE 2016 OUTLOOK FOR WESTERN EUROPEAN STEEL - SAYS FITCH RATINGS
COALspot.com: European steel in 2016 are both negative for the sector and for issuer ratings.
This reflects our expectation that import levels ...
Monday, 23 November 15
DRY BULK MARKET: NET FLEET GROWTH IS SLOWING DOWN, AS SHIP OWNERS ARE LOOKING FOR WAYS TO ALLEVIATING MARKET MELTDOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been in “meltdown” mode for a few weeks now, unable to find support and avoid the fall in historical lows. As s ...
Monday, 23 November 15
CS50 COAL INDEX CLOSED AT $40.27 PER TON; FELL 0.15% FROM LAST WEEK
COALspot.com: The 5700 GAR CS (i) coal index fell by US cents 3 per ton week over week on 20 November 2015. CS 57 (5700 GAR coal) index closed at U ...
Monday, 23 November 15
CFR SOUTH CHINA COAL SWAPS FALL FURTHER ON LOW DEMAND
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 6.75 (13.99%) per ton month over month.
A commodity swa ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Planning Commission, India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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