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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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Monday, 05 October 15
Q1' 16 CFR SOUTH CHINA COAL SWAP CLOSED US$ 48.05 PER TON
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down US$ 0.47 (0.96 %) per ton month over month.
A commodity swap is ...
Monday, 05 October 15
SMALL DECLINE IN 2014 SHIP OPERATING COSTS - MOORE STEPHENS
Total annual operating costs in the shipping industry fell by an average of 0.8% in 2014. This compares with the 0.3% average fall in costs recorde ...
Sunday, 04 October 15
THE INDO-INDIA FREIGHT MARKET REMAINS UNDER PRESSURE
COALspot.com: The BDI closed on Friday (2 Oct 2015) at 889 points, down by 54 points compared to previous Friday's closing ( 24 Sept 2015) of 9 ...
Friday, 02 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
Thursday, 01 October 15
SOUTH KOREA'S KOMIPO SEEKS SPOT BITUMINOUS COAL SUPPLIES
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 265,000 Metric Tons (MT) of minimum 4,600 kcal ...
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- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Planning Commission, India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
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