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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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Tuesday, 22 September 15
1Q16 FOB INDONESIA COAL SWAP DECLINED 6.49 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 2.29 (-5.42%) per t ...
Tuesday, 22 September 15
FOB RICHARDS BAY COAL SWAPS FALL CONTINUES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Monday, 21 September 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED HIGHER THAN Q2' 16 SWAP
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery increased $0.43 per ton (1.01%) month over month to US$ 42.95 per ton. The ...
Monday, 21 September 15
CFR SOUTH CHINA COAL SWAP GAINED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 0.45 (0.90 %) per ton month over month.
A commodit ...
Monday, 21 September 15
KOMIPO OF KOREA INVITES BIDS FOR BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 390,000 Metric Tons (MT) of minimum 4,600 kcal ...
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- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Australian Coal Association
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- The University of Queensland
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
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