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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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Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of bel ...
Thursday, 30 April 15
IRON ORE PLAYS EXPECTED TO SHAPE UP MAY DRY BULK SCHEDULE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Market plays in the iron ore commodities’ markets, are expected to carve out the future demand for the shipping industry as well, said Allied ...
Wednesday, 29 April 15
MARKET INSIGHT - INTERMODAL
The figures of China’s slowing down imports of coking coal for the first quarter of the year are coming to confirm what everybody was expecti ...
Wednesday, 29 April 15
SHIPBUILDERS START OFFERING DISCOUNTS FOR DRY BULK NEWBUILDINGS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It took a while, but now it appears that some shipbuilders are beginning to adjust their price lists to the new grim reality of the dry bulk market ...
Tuesday, 28 April 15
FOB INDONESIA COAL SWAP DECLINED M-O-M; INCREASED W-O-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week but declined month on month.
The Q2 swap was declined US$ 0.15 ( ...
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- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
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- Ministry of Transport, Egypt
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- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
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- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
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- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
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- CNBM International Corporation - China
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Planning Commission, India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
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