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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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Tuesday, 08 September 15
FOB RICHARDS BAY COAL SWAPS CONTINUE TO SHOW DECLINING TREND
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$ ...
Tuesday, 08 September 15
GANGAVARAM PORT IN INDIA DISCHARGES RECORD 112,599 MT OF STEAM COAL IN 24 HOURS
COALspot.com: Gangavaram Port, an all weather, multipurpose port with water depth up-to 21 meters, capable of handling fully laden Super Cap ...
Monday, 07 September 15
THE MINE OF THE FUTURE WILL HAVE ONLY TWO EMPLOYEES, A MAN AND A DOG - SCOTT MCGOWAN
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Scott Mcgowan, Director, Global ...
Monday, 07 September 15
FOB NEWCASTLE COAL SWAP FOR Q2' 16 DELIVERY CLOSED US CENTS 25 LOWER COMPARED TO Q4' 15
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.73 per MT (-1.68%) month over month to US$ 42.65 per mt. The sw ...
Monday, 07 September 15
CFR SOUTH CHINA COAL SWAPS ROSE 1.1 PER CENT WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.52 (3 %) per MT month over month.
A commodity sw ...
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- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Indogreen Group - Indonesia
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