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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, 29 October 15
Q2' 16 FOB INDONESIA COAL SWAP CLOSED US$ 37.40 PER TON; DECLINED 5.56 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.13 (-5.34%) per t ...
Wednesday, 28 October 15
Q2'16 FOB RICHARDS BAY COAL SWAP SEES FURTHER DECLINES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gained week over week and declined month over month.
The Q4 swap was d ...
Wednesday, 28 October 15
BDI INCREASE TOOK PLACE SOLELY ON THE BACK OF CAPESIZE PERFORMANCE, BUT........ - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a small improvement which nonetheless failed to lift sentiment, not only because ...
Tuesday, 27 October 15
Q1'16 API 5 FOB NEWCASTLE COAL SWAP DECLINE 6 PER CENT M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $2 per ton (4.66%) month over month to US$ 40.93 per ton. The swa ...
Monday, 26 October 15
PORT OF NEWCASTLE SHIPPED 10.5 PER CENT LESS COAL IN SEPTEMBER, COMPARED TO AUGUST LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.161 billi ...
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- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Australian Coal Association
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- PTC India Limited - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
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