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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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Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
Friday, 30 October 15
INDONESIA'S COAL EXPORTS DROP ON LOW PRICES - THE JAKARTA POST
Indonesia's coal exports significantly dropped in the first nine months of the year as coal companies continued to suffer from low prices in ad ...
Friday, 30 October 15
CHINESE MINERAL IMPORTS: MOVING ON FROM INDONESIA? - CLARKSONS
China has accounted for almost 90% of global imports of nickel ore and bauxite in recent years and was therefore heavily hit by the Indonesian mine ...
Friday, 30 October 15
COAL PRODUCTION IN THE UNITED STATES INCREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
Thursday, 29 October 15
IRAN'S RETURN TO OIL MARKETS WILL HAVE TEMPERED IMPACT FOR THE TANKER SHIPPING INDUSTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While many analysts appear to be fearful of a potential incremental rise in tanker ships’ supply, as a result of the imminent return of Iran ...
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- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
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