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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, 01 September 15
FOB RICHARDS BAY COAL SWAPS STILL SLIDING; Q2'16 DELIVERY LOST AROUND 6 PERCENT M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 gain week over week but declined month over month.
The 4Q swap was dow ...
Monday, 31 August 15
API 5 FOB NEWCASTLE COAL SWAP GAINS WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.85 per MT (-4.23%) month over month to US$ 41.87 per mt. The swap ...
Monday, 31 August 15
Q1'16 CFR SOUTH CHINA COAL SWAP ENDS DOWN MORE THAN 4 PERCENT MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.91 (3.78%) per MT month over month.
A commodity ...
Sunday, 30 August 15
THE DRY BULK MARKET UNDOUBTEDLY REMAINS WEAK & VOLATILE THIS WEEK
COALspot.com: The BDI slipped further down this week, moving closer to 900 level. This week’s BDI falls 9.15 pct and closed at 903 points. Wh ...
Friday, 28 August 15
DRY BULK SHIP OWNER OPTIMISTIC ABOUT FUTURE PROSPECTS OF THE MARKET: NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk ship owner Golden Ocean appeared optimistic on the long term prospects of the dry bulk market, mainly thanks to an expected resolution of ...
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- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
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