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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, 28 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP ROSE 2.73 PER CENT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery moved upward US$ 1.45 (3.04 %) per ton month over month.
A commodity ...
Sunday, 27 September 15
THE PANAMAX INDEX FELL 1.19 PCT WEEK OVER WEEK
COALspot.com: The BDI closed Friday (25/09/2015) at 943 points, down by 17 points compared to previous Friday closing (18/09/2015). The BDI wa ...
Friday, 25 September 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING SEPTEMBER 19 ROSE 2.5% PER CENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Wednesday, 23 September 15
CAPESIZE: SPOT RATES HAVE INCREASED MORE THAN 70 PER CENT DURING LAST WEEK
Dry Bulk owners, always look at September as the time that the market “signals” what lies ahead for the remainder of the year. The Chin ...
Wednesday, 23 September 15
INDONESIA: NEW REGULATION APPLIES FINAL INCOME TAX TO MINERAL AND COAL SALES - FLORENCE GRACIA SANTOSO
To increase state revenue from the mining sector, the Government of Indonesia has imposed a new final income tax on any sale of mineral and coal, a ...
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- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- The University of Queensland
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
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