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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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Monday, 05 October 15
Q1' 16 CFR SOUTH CHINA COAL SWAP CLOSED US$ 48.05 PER TON
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down US$ 0.47 (0.96 %) per ton month over month.
A commodity swap is ...
Monday, 05 October 15
SMALL DECLINE IN 2014 SHIP OPERATING COSTS - MOORE STEPHENS
Total annual operating costs in the shipping industry fell by an average of 0.8% in 2014. This compares with the 0.3% average fall in costs recorde ...
Sunday, 04 October 15
THE INDO-INDIA FREIGHT MARKET REMAINS UNDER PRESSURE
COALspot.com: The BDI closed on Friday (2 Oct 2015) at 889 points, down by 54 points compared to previous Friday's closing ( 24 Sept 2015) of 9 ...
Friday, 02 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
Thursday, 01 October 15
SOUTH KOREA'S KOMIPO SEEKS SPOT BITUMINOUS COAL SUPPLIES
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 265,000 Metric Tons (MT) of minimum 4,600 kcal ...
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- Indika Energy - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
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