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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, 22 April 15
TANKER MARKET INSIGHT - STRATOS TINIAKOS
The current environment we experience as a result of low crude oil prices is characterized by the increased demand for petroleum products in OECD c ...
Tuesday, 21 April 15
SUB-BIT FOB INDONESIA COAL SWAP: GAINED W-O-W; DECLINED M-O-M
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week and declined month on month.
The Q2 swap was declined US$ 1.75 ( ...
Tuesday, 21 April 15
FOB RICHARDS BAY COAL SWAP MOVE UP SLIGHTLY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased slightly month over month.
The Q2 swap has increased US$ 0.2 ...
Monday, 20 April 15
BUKIT ASAM TAKES OVER STAKE IN JV FROM RAJAWALI - JP
State-owned coal miner PT Bukit Asam (PTBA) announced Friday that it had taken over almost the entire stake in a joint venture (JV) that it created ...
Monday, 20 April 15
FOB NEWCASTLE COAL SWAP GAINED WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.54 per MT (-7.21%) month over month and gained US$ 0.30 week ...
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- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Australian Coal Association
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- The University of Queensland
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
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