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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, 30 September 15
Q1'16 FOB INDONESIA COAL SWAP FALLS $1.25 A TON AS SLIDE CONTINUES
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 0.72 (-1.78%) per t ...
Wednesday, 30 September 15
NEW BUILDING MARKET INSIGHT
COALspot.com: This year has been, beyond any doubt, a rather strenuous one for the newbuilding market. Ordering activity with regards to Dry Bulker ...
Tuesday, 29 September 15
FOB RICHARDS BAY COAL SWAPS ARE SLIDING
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, 28 September 15
API 5 FOB NEWCASTLE COAL SWAPS UP $2.15 IN ONE MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery increased $2.10 per ton (5.15%) month over month to US$ 42.93 per ton. The ...
Monday, 28 September 15
CAPESIZE FLEET INCREASES BY JUST 1 VESSEL DURING LAST 12 MONTHS, IN POSITIVE SIGN FOR DRY BULK SHIPPING MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
After a rather tumultuous period, the shipping industry and more particular the dry bulk market has started to adjust to the new realities of globa ...
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- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Australian Coal Association
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- PTC India Limited - India
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