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