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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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- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- White Energy Company Limited
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
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