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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, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
Friday, 24 April 15
IS INDIA THE 'NEW CHINA' WHEN IT COMES TO THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been feeling the “heat” of China’s slowdown and together with the industry’s own failings, with ove ...
Friday, 24 April 15
GLOBAL STEEL PRODUCTION OUTSIDE OF CHINA CONTINUES TO FARE VERY POORLY - JEFFREY LANDSBERG
COALspot.com: Data released this week showed that global crude steel production totaled approximately 138.05 million tons in March.
Wha ...
Friday, 24 April 15
WEEKLY U.S. COAL PRODUCTION ESTIMATE FALLS 5.7% FROM LAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.0 million short ...
Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
COALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it w ...
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- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
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- GVK Power & Infra Limited - India
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- Australian Coal Association
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- GN Power Mariveles Coal Plant, Philippines
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- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
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- Global Green Power PLC Corporation, Philippines
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- Orica Australia Pty. Ltd.
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- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Bhoruka Overseas - Indonesia
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- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
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- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
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- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
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- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
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- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
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- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
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- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
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