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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, 20 October 15
FOB RICHARDS BAY COAL SWAPS SINK INTO RED THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
Tuesday, 20 October 15
API 5 FOB NEWCASTLE COAL SWAP CLOSED NEGATIVE
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $1.23 per ton (2.86%) month over month to US$ 41.80 per ton. The ...
Monday, 19 October 15
RUSSIA MAJOR COAL MINER KRU CUTS 4.5 MLN T/YR "UNPROFITABLE" EURO SALES - JACQUELINE HOLMES
COALspot.com: Kuzbassrazrezugol (KRU), one of Russia's largest producers of high-quality coal, plans to cut its coal exports in 2016 by about 4 ...
Monday, 19 October 15
CFR SOUTH CHINA COAL SWAP CLOSED AT $48.68 PER TON
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 55 (1.12 %) per ton month over month.
A commodity ...
Monday, 19 October 15
KOMIPO SEEKS 1.28 MILLION T/Y COAL FOR DEC 2015 - Q2 2016
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 1,280,000 Metric Tons (MT) of minimum 4,600 kc ...
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- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- PTC India Limited - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Australian Coal Association
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
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