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