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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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Sunday, 18 October 15
THE BDI AND OTHER INDICES CLOSED OFF ON NEGATIVE NOTE THIS FRIDAY
COALspot.com: The BDI closed off on negative note this Friday compared to previous Friday's closing.
The BDI closed this Friday (16 Octobe ...
Friday, 16 October 15
MAJOR REVISION OF NYPE TIME CHAPTER PARTY - BIMCO
Major revision of NYPE time charter party promises to be both balanced and comprehensive
BIMCO has today jointly issued the first revision of ...
Friday, 16 October 15
FOB INDONESIA COAL SWAP FOR Q4'15 DELIVERY FLAT WEEK OVER WEEK; DOWN 5.5 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and flat week over week.
The Q4 swap declined $ 2.23 (-5.51%) ...
Friday, 16 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK; DOWN 11.3 PER CENT Y-Y, DOWN 3.5 PERCENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.1 million shor ...
Friday, 16 October 15
INDONESIA REJOINING OPEC DESPITE BEING A NET IMPORTER OF PETROLEUM - EIA
The Organization of the Petroleum Exporting Countries (OPEC) notified Indonesia that it plans to accept the country's request to reactivate its ...
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- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Australian Coal Association
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- The University of Queensland
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
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