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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, 05 November 15
Q2'16 INDO THERMAL COAL SWAP CONTRACT FOB INDONESIA FALLS TO $39.90/T
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week. Price of coal seen no improvements this past we ...
Thursday, 05 November 15
INFORMATION EXCHANGE GROUP'S LATAM MINING SECURITY SUMMIT 2016 - INTERNATIONAL CONFERENCE ON TECHNOLOGY SECURITY IN MINING
Press Release: LATAM Mining Security Summit 2016 is a carefully designed event that will bring together the leading stakeholders in the mining sect ...
Wednesday, 04 November 15
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
Four companies dominate global iron ore production, namely; BHP Billiton, Vale, Rio Tinto, and Fortescue Metals Group. Together these companies con ...
Wednesday, 04 November 15
FOB RICHARDS BAY COAL SWAPS GAIN W-W AND M-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and month over month.
The Q4 swap was up US$ 1.4 ...
Tuesday, 03 November 15
THE DISCHARGE OF CARGO IN THE PRC WITHOUT ORIGINAL BILLS OF LADING - CLYDE&CO
KNOWLEDGE TO ELEVATE
On occasions, a vessel may arrive at a port and be ready to discharge but the original bills of lading in respect of the ...
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- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
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