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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, 15 September 15
API 5 FOB NEWCASTLE COAL SWAP FOR 4Q' 2015 DELIVERY CLOSED AT $42.71 PER TON ON 11 SEPT, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.94 per MT (-2.15%) month over month to US$ 42.71 per mt. The sw ...
Monday, 14 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP DECLINED $1.80 PMT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.62 (3.21 %) per MT month over month.
A commodity ...
Monday, 14 September 15
MOODY'S LOWERS COMMODITY PRICE ASSUMPTIONS ON MACRO, INDUSTRY FACTORS
COALspot.com: Moody's Investors Service has lowered its base metal price assumptions for 2015-17 as slowing growth in China, lower oil prices, ...
Sunday, 13 September 15
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI decreased further by 6.51 per cent or 57 points since last Friday and closed at 818 on 11 September 2015 while the cape index ...
Friday, 11 September 15
SHIPPING MARKETS SHOW MIXED EMOTIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has managed to show marginal improvements over the past few days, with the Capesize segment faring better than smaller dry bulk ...
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- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Australian Coal Association
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
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