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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, 12 October 15
DRY BULK SHIPPING: MARKETS ARE SLOWLY IMPROVING FROM A VERY LOW LEVEL AS THE DEMAND SIDE FALTERS - HELLENIC SHIPPING NEWS
The dry bulk market is in the midst of a shift in demand patterns, which coupled with a tonnage supply overhang, has been facing headwinds over the ...
Monday, 12 October 15
BDI WEIGHED DOWN BY CAPE
COALspot.com: The BDI (Baltic Dry Index) has come back down again this week. The BDI is a benchmark index used to assess the overall cost of moving ...
Sunday, 11 October 15
TANKER SHIPPING: MORE OPTIMISM IN SIGHT FOR TANKERS IN THE WINTER SEASON - BIMCO
Demand:
2015 has been the year of the tanker. The fundamental improvements with slow supply-side growth for some years coupled with low oil pri ...
Friday, 09 October 15
US WEEKLY COAL OUTPUT UP 1.2 PERCENT TO 17.7 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 08 October 15
CAPESIZE: MOST PEOPLE AGREE A SPIKE IN RATES WILL HAPPEN; WHEN, HOW LONG AND HOW SUBSTANTIAL? - FEARNLEYS
Cape
Depressives start of the fourth quarter, with c3 approaching USD 12 pmt and c5 presently in the mind 5's. According to Fearnleys ship br ...
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- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
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