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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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Friday, 11 September 15
U.S'S WEEKLY COAL PRODUCTION WAS ALMOST FLAT PAST WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.6 million shor ...
Thursday, 10 September 15
U.S. H1' 15 STEAM COAL EXPORTS FELL BY 21 PER CENT Y-Y: EIA
Coal Trade
Slower growth in world coal demand, lower international coal prices, and higher coal output in other coal-exporting countries have all ...
Thursday, 10 September 15
INDONESIAN COAL BENCHMARK PRICE HITS A NEW LOW OF $58.21 PER TON
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price to US$ 58.21 per MT ...
Thursday, 10 September 15
IF NOT NOW, WHEN? - GIANNIS ANDRITSOPOULOS
Our industry is well known to be cyclical with some cycles lasting longer than others. Despite the fact that these shifts in the behavior of the fr ...
Wednesday, 09 September 15
FOB INDONESIA COAL SWAP LOSE GROUND ON SLOWING DEMAND
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 1.92 (-4.52%) per t ...
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- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
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