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Saturday, 28 March 15
THE DRY BULK FLEET AT BREAKING POINT - CLARKSONS
 The severe oversupply in the bulkcarrier fleet has contributed to the current trough in the dry bulk market, putting considerable financial pressure on owners, many of whom are subject to earnings close to operating costs. This has triggered a surge in bulkcarrier demolition since the beginning of 2015. If the current rate of scrapping were to continue, there would be a clear impact on dry bulk fleet growth.
A Surge In Scrapping
Bulker demolition has surged in recent months, due to an oversupplied fleet, cooling global dry bulk trade growth and low vessel earnings. A total of 78 vessels (of a combined 5.9m dwt) were reported scrapped in the first two months of 2015, equivalent to 35% of total bulkcarrier demolition in 2014. Capesize scrapping totalled 3.3m dwt, accounting for 56% of all bulker demolition in the two month period, already equivalent to around 80% of scrapping in the sector last year. The average age at which bulker vessels were scrapped has thus fallen to below 25 years for the first time this century.
How Does It Compare?
The annual record level of bulker demolition was 33.4m dwt in 2012, coinciding with a 30% y-o-y drop in average earnings. While earnings were weak, some market indicators were considerably better than they are today. Seaborne dry bulk trade grew 7% (with 3% projected for this year) and the Baltic Dry Index averaged over 900, far above the record low of 509 reached in February 2015. In the first two months of 2015 overall bulker earnings averaged $6,545/day: around $2,000/day less than the annual average for 2012. It is therefore perhaps no surprise that demolition is surging.
The Uneven Distribution
There are several potential impacts of growth in demolition. The Chinese bulkcarrier fleet shrank in 2014, partly due to the government scrapping subsidy. The subsidy is currently set to end this year and with many of the vessels scrapped in the year to date being Chinese-owned, this could shrink the Chinese fleet further. Also, the faster pace of Handysize demolition in Q1 2015 has led the Handymax sector to consolidate its position as the largest in the dry bulk fleet in terms of vessel numbers.
An Interesting Scenario
One very important impact of the surge is the potential stemming of fleet growth. Total bulker scrapping is currently projected to increase by around 30% y-o-y, to reach 21.2m dwt in 2015. However, at the current pace of scrapping, demolition in Q1 2015 could approach a record level, and in the full year, over 35m dwt of bulkers would be scrapped, more than doubling last year’s total. This could slow growth in the bulkcarrier fleet to around 2.5% y-o-y, which would represent the slowest rate in more than a decade. In this scenario Capesize fleet growth would be limited to around 2-3%.
So demolition is surging, and could approach record levels, altering the make-up of the bulker fleet, in terms of age, the distribution across sectors and owner nationality. And whether records are broken or not this year, the increase in demolition will have a clear impact on the rate of fleet expansion.
Source: Clarksons | Hellenic Shipping News
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Friday, 05 June 15
U.S PRODUCED 15.1 MMST OF COAL THIS PAST WEEK; LESS 20.7% COMPARED TO SAME PERIOD IN 2014
COALspot.com – United States the second largest coal producer in the world has produced approximately totalled an estimated 15.1 million shor ...
Thursday, 04 June 15
DRY BULK MARKET FAILED TO OFFER ANY POSITIVE SURPRISES - INTERMODAL
COALspot.com: This has been another week that the Dry Bulk market failed to offer any positive surprises, while the BDI, which is still faring belo ...
Wednesday, 03 June 15
SHIPPING MARKET INSIGHT - VASSILIS LOGOTHETIS
For some time now the Dry Bulk market has been severely affected by China’s slowing GDP growth rate that occurs in the background of increase ...
Tuesday, 02 June 15
FOB INDONESIA COAL Q3 SWAP ADVANCED 1.73% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and lost week over week, this past week.
The Q3 swap was climbed ...
Tuesday, 02 June 15
FOB RICHARDS BAY COAL SWAPS; Q3'15 CLOSED HIGHER THAN Q1'16
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 up month over month and week over week.
The Q3 swap was up US$ 0.80 (1 ...
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- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
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