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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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Sunday, 06 September 15
AUTOMATION AND TECHNOLOGY IS CERTAINLY PART OF THE SOLUTION FOR IMPROVING PERFORMANCE AND EFFICIENCY TO MAKE THE MINE OPERATIONS MORE PROFITABLE, HOWEVER............ - LUKE JALSEVAC
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Luke Jalsevac, Director, Busines ...
Sunday, 06 September 15
THE CAPE SIZE INDEX ROSE 10.83 PER CENT WEEK OVER WEEK
COALspot.com: The BDI, the Baltic exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, declined o ...
Saturday, 05 September 15
DRY BULK MARKET MAY SUFFER NOW, BUT IS BOUND FOR A RECOVERY THANKS TO A LIMITED FUTURE FLEET GROWTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The slow increase of dry bulk tonnage growth this year could turn into a solid indicator of the market’s future prospects. According to a rec ...
Friday, 04 September 15
U.S. COAL PRODUCTION FOR THE W/E AUGUST 29, UP SLIGHTLY; FALL 4.5 PERCENT Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.7 million shor ...
Friday, 04 September 15
GOVERNORS WILL HAVE THE POWER TO REVOKE MINERS' PERMITS: ENERGY MINISTRY - JG
Starting Oct. 1, Indonesia's governors will lawfully become "executors" in revoking the licenses of miners that fail to secure a &quo ...
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- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
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