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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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Thursday, 17 September 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
Having experienced, as it was much anticipated, a poor 1st half combined with negative forecasts, summer, in sharp contrast, proved to be more hope ...
Wednesday, 16 September 15
SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES LED A DECLINE IN INDONESIAN COAL PRODUCTION
COALspot.com: Slower growth in world coal demand particularly China and lower international coal prices have led to a decline in Indonesian coal pr ...
Wednesday, 16 September 15
HIGHER TAXES COULD LEAD GREEK SHIP OWNERS OUT OF THE COUNTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
A potential taxation overhaul of the shipping industry in Hellas, which could see the loss of particular tax benefits for ship owners, could lead t ...
Tuesday, 15 September 15
WORLD SEABORNE TRADE: ENTERING INTO A ROLE REVERSAL? - CLARKSONS
Over the past decade, world seaborne trade growth has been dominated by dry bulk and container trade. However, developments in the global economy t ...
Tuesday, 15 September 15
Q2'16 RICHARDS BAY COAL SWAPS DIP TO $ 51.10 PER TON
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$ ...
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- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Planning Commission, India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
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