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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, 03 November 15
API 5 FOB NEWCASTLE COAL SWAPS DECLINE CONTINUES
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery slid $1.84 per ton (4.34%) month over month to US$ 40.54 per ton. The swap ...
Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
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- The University of Queensland
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
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