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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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Thursday, 15 October 15
INDONESIA COAL PRICE REFERENCE FALLS FOR SEVEN STRAIGHT MONTH IN OCTOBER
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price this month.
The ...
Thursday, 15 October 15
Q1' 16 FOB RICHARDS BAY COAL SWAP ADVANCED 2 PER CENT WEEK OVER WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gain week over week and declined month over month.
The Q4 swap was dow ...
Tuesday, 13 October 15
DRY BULK SHIPPING FLEET NET EXPANSION WAS 1.3% DURING THIRD QUARTER, BUT ORDERBOOK REDUCED TO 17% OF THE TRADING FLEET
If the dry bulk market is to rebound on a sustainable level, it needs to limit the tonnage expansion, at least until demand picks up again, as Chin ...
Tuesday, 13 October 15
FOB NEWCASTLE COAL SWAP DECLINED 2 PER CENT MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.46 per ton (1.08%) month over month to US$ 42.17 per ton. The ...
Monday, 12 October 15
CFR SOUTH CHINA COAL SWAPS GAIN W-W; SLIGHTLY DOWN M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 3 (0.06 %) per ton month over month.
A commodity ...
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- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Planning Commission, India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- The University of Queensland
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- PTC India Limited - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
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