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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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Wednesday, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from t ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
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- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Renaissance Capital - South Africa
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
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