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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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Wednesday, 07 October 15
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS DOWN 21 PER CENT COMPARED WITH THE SAME PERIOD IN 2014 - EIA
Coal Supply
Lower U.S.’s domestic coal consumption and reduced exports contribute to a forecast decline of 89 million short tons (M ...
Wednesday, 07 October 15
INDONESIA COAL SWAPS HAVE CONTINUED TO DECLINE, FALLING ALMOST 7% M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.23 (-5.51%) per t ...
Tuesday, 06 October 15
THE IMPACT OF LOW OIL PRICE ON THE SHIPPING INDUSTRY - LITERATED
The fall in global oil prices over the last one year has been beneficial to the shipping industry. The demand for oil tankers has picked up and the ...
Tuesday, 06 October 15
FOB RICHARDS BAY COAL SWAPS PLUNGE MORE THAN 6 PER CENT M-M
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$ ...
Monday, 05 October 15
Q1 & Q2 2016 DELIVERY SWAPS DECLINED M-M AND W-W THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.36 per ton (0.85%) month over month to US$ 42.12 per ton. The ...
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- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Economic Council, Georgia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
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