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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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- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
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