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