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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, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
Wednesday, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
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- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
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