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