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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, 03 September 15
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE HBA METHODOLOGY
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) in process to revise Indonesian Coal Price Reference (HBA) and expected to complete b ...
Thursday, 03 September 15
THE CHINESE STOCK MARKET AND THE CHINESE ECONOMY CONTINUE TO SUBSTANTIALLY AFFECT TRADING - INTERMODAL
The last week of the summer season saw the BDI dipping further on the back of another significant drop in rates for Capes, which brought the market ...
Wednesday, 02 September 15
PORT OF NEWCASTLE SHIPPED 13.46 MMT OF COAL IN JULY; UP 0.66 PER CENT M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.224 billi ...
Wednesday, 02 September 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
In the beginning of the summer period SnP activity was firm with numerous buyers, coming mainly from Greece and the Far East, inspecting ships and ...
Tuesday, 01 September 15
FOB INDONESIA COAL SWAPS FURTHER SLIDE TO US$ 40.62 PMT; DECLINE 5.34 PERCENT M-O-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and slightly dropped week over week.
The 4Q swap was declined ...
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- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
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