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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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Friday, 13 November 15
WEAK CHINA POWER DEMAND DAMPENS COAL CONSUMPTION - FITCH
The weak growth in China's electricity consumption in 2015, together with increasing non-thermal power generation capacity are exerting more pr ...
Friday, 13 November 15
DRY BULK, IT IS HARD TO MAINTAIN AN OPTIMISTIC VIEW FOR THE NEXT COUPLE OF MONTHS - INTERMODAL
COALspot.com: The dry bulk owners looking for cover remained under pressure for size segments across the board. With Capes closing off the week as ...
Friday, 13 November 15
WEEKLY US COAL PRODUCTION DECLINES TO 16.5 MMST; SLIDE 14.9% Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.5 million shor ...
Thursday, 12 November 15
FOREIGN COAL MINE ACQUISITION - STRATEGY VERSUS OPPORTUNITY FOR INDIAN UTILITIES - DIPESH DIPU
The acquisition market for thermal coal assets abroad is dull. Sellers of all hues are in the market; some are actively scouting for buyers while o ...
Thursday, 12 November 15
PORT OF NEWCASTLE'S COAL EXPORT VOLUME UP IN OCTOBER 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.254 billio ...
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- Latin American Coal - Colombia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
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