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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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Thursday, 19 November 15
CHINA STEEL PRODUCTION CAPACITY TO PEAK IN 2016 - FITCH RATINGS
COALspot.com: Fitch Ratings today says that China's steel production capacity is likely to peak in 2016, with capacity elimination over the nex ...
Thursday, 19 November 15
Q3' 16 RICHARDS BAY COAL SWAP CLOSED 9% LOWER THAN Q1' 16 DELIVERY PRICE
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, 19 November 15
RATES FOR CAPES KEPT MOVING SOUTH - INTERMODAL
COALspot.com: With the BDI currently standing at less than 30 points above the historical lows marked in February this year and with activity acros ...
Wednesday, 18 November 15
MARKET (SHIPPING) INSIGHT - THEODORE NTALAKOS
Supply VS Demand
According to data from the IMF, global growth for 2015 is projected at 3.1 percent, 0.3 percentage point lower than in 2014, ...
Tuesday, 17 November 15
KOMIPO INVITES BIDS FOR (SEMI) ANTHRACITE COAL FOR SEOCHEON POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 70,000 Metric Tons of (Semi) Anthracite for Ja ...
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- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Minerals Council of Australia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
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