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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 $2,000/day less than the annual average for 2012. It is therefore perhaps no surprise that demolition is surging.
The Uneven Distribution
There are several potential impacts of growth in demolition. The Chinese bulkcarrier fleet shrank in 2014, partly due to the government scrapping subsidy. The subsidy is currently set to end this year and with many of the vessels scrapped in the year to date being Chinese-owned, this could shrink the Chinese fleet further. Also, the faster pace of Handysize demolition in Q1 2015 has led the Handymax sector to consolidate its position as the largest in the dry bulk fleet in terms of vessel numbers.
An Interesting Scenario
One very important impact of the surge is the potential stemming of fleet growth. Total bulker scrapping is currently projected to increase by around 30% y-o-y, to reach 21.2m dwt in 2015. However, at the current pace of scrapping, demolition in Q1 2015 could approach a record level, and in the full year, over 35m dwt of bulkers would be scrapped, more than doubling last year’s total. This could slow growth in the bulkcarrier fleet to around 2.5% y-o-y, which would represent the slowest rate in more than a decade. In this scenario Capesize fleet growth would be limited to around 2-3%.
So demolition is surging, and could approach record levels, altering the make-up of the bulker fleet, in terms of age, the distribution across sectors and owner nationality. And whether records are broken or not this year, the increase in demolition will have a clear impact on the rate of fleet expansion.
Source: Clarksons | Hellenic Shipping News
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Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
Tuesday, 05 May 15
FOB RICHARDS BAY COAL SWAPS MOVE NORTH THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Monday, 04 May 15
FOB NEWCASTLE COAL SWAP Q1'16 PRICES SLIGHTLY LOWER COMPARED TO Q3'15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 1.38 per MT (3.12%) month over month and US$ 0.93 week on week. ...
Monday, 04 May 15
Q1' 2016 CFR SOUTH CHINA THERMAL COAL SWAP CLOSED HIGH THAN 2015 DERIVATIVES
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.15 (-0.29%) per MT month over month and increased US$ 0.07 ...
Sunday, 03 May 15
DRY BULK INDICES WEAKEN SLIGHTLY THIS WEEK
COALspot.com: The freight market was flat to weak for the week starting from 27 April. The BDI was fell around 2.17% closed at 580 points.
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- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Posco Energy - South Korea
- The University of Queensland
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
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