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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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Monday, 26 October 15
CFR SOUTH CHINA COAL SWAPS CLOSE DOWN 4.3% AS DEMAND CONCERNS WEIGH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US$ 1.48 (3.02 %) per ton month over month.
A commodity sw ...
Sunday, 25 October 15
ANOTHER DISAPPOINTING WEEK FOR PANAMAX; INDEX FELL 5.4 PERCENT W-W
COALspot.com: The BDI was slightly up by 2.65 pct closing at 774 points mainly because of Cape index which was up by 10.85 pct closing at 1461 poin ...
Sunday, 25 October 15
DRY BULK SHIP OWNERS ARE LOOKING TO CHINA'S POLICIES FOR CUES ON FUTURE MARKET DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s hard or softer landing is a thing which has troubled dry bulk shipping for a couple of years now, as owners have been hit by the coun ...
Friday, 23 October 15
WILL INDIAN DOMESTIC COAL PRICES BE ABLE TO COMPETE IMPORTED COAL PRICES IF THE CURRENT TREND CONTINUES?
COALspot.com: The Most of the Indian end-users are waiting for last minute purchase to enjoy every drop in price. Coal procurement managers are als ...
Friday, 23 October 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING OCTOBER 17 DECLINED FOR THE SECOND STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
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- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- PTC India Limited - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- ASAPP Information Group - India
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