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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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Wednesday, 11 November 15
Q3' 16 RICHARDS BAY COAL SWAP LOST 15.47% SINCE 6 AUGUST; 18.65% SINCE 6 MAY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 declined week over week and month over month.
The Q1’ 2016 &nb ...
Wednesday, 11 November 15
VESSEL VALUES ARE DOWN BY AT LEAST 20% SINCE MID-AUGUST - INTERMODAL
I had promised not to spend another broker’s insight focusing on the dry bulk side. However, the sale of the M/V Churchill Bulker (179,362 dw ...
Tuesday, 10 November 15
SELF-HEATING OF COAL HAS EMPHASISED THE IMPORTANCE OF CHECKING THE ACCURACY OF SHIPPER'S DECLARATIONS - GARD
Recent incidents involving self-heating of coal has emphasised the importance of checking the accuracy of shipper’s declarations for all type ...
Tuesday, 10 November 15
API 5 FOB NEWCASTLE COAL SWAP SLIDES CONTINUE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.55 per ton (8.50%) month over month to US$ 38.20 per ton. The swap ...
Monday, 09 November 15
BUNKER PRICES TO KEEP SLIDING THIS WEEK, EXPERT SAYS - MARINE BUNKER EXCHANGE
The oil price volatility has continued this week. Two dollars up one day and the next day two dollars down. The oil market has been trading on the ...
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- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
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