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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, 29 May 15
COAL PRODUCTION IN THE U.S. ALMOST FLAT THIS PAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.1 million short ...
Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
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- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- PTC India Limited - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Independent Power Producers Association of India
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