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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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Tuesday, 17 November 15
FOB NEWCASTLE COAL SWAPS FALL: Q1'16 SLID 11.45% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $4.75 per ton (11.45%) month over month to US$ 36.75 per ton. The swap ...
Monday, 16 November 15
KOMIPO INVITES BIDS FOR 1.295 MILLION TONS OF BITUMINOUS COAL FOR Q1 - Q2'16
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 1,295,000 Metric Tons (MT) of minimum 4,600 kc ...
Monday, 16 November 15
SOUTH CHINA COAL SWAPS DECLINE CONTINUES THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 6.05 (12.59%) per ton month over month.
A commodity swa ...
Monday, 16 November 15
CLARKSEA INDEX COMPETITION: IS IT ALL IN THE TIMING? - CLARKSONS
Readers of the Shipping Intelligence Weekly are invited each year to predict the value of the ClarkSea Index one year ahead in the first week of No ...
Monday, 16 November 15
DRY BULK MARKET: Q1' 2016 SHAPING UP TO BE A ' DISASTROUS' ONE OF PROJECTED LOWER IRON ORE IMPORTS FROM CHINA
Over the course of the past year or so, it’s been the drop of coal imports from China, which has had a detrimental effect on the course of dr ...
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- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
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