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