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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, 16 April 15
SHIPPING DEMAND TO SUFFER AS CHINESE SLOWDOWN CONFIRMED SAYS BIMCO'S CHIEF SHIPPING ANALYST - BIMCO
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overa ...
Thursday, 16 April 15
INDIA: COAL IMPORTS RISE BY 33 PC TO 240 MT IN FY'15 - PTI
India’s coal imports in the just concluded FY 2015 increased by 33 per cent to about 240 million tonnes.
“Coal import have gone up ...
Thursday, 16 April 15
CAPESIZE: THE SUPPLY AND DEMAND SIDE ARE NOW SUFFERING HEAVILY - FEARNLEYS
Handy
It seems to be some standoff between owners and charterers in both hemispheres this week. Owners are raising their rates while charterers a ...
Thursday, 16 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.67 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month.
The Q2 swap has declined US$ 1.90 (3.17%) m ...
Wednesday, 15 April 15
PORT OF NEWCASTLE SHIPPED 13.63 MMT OF COAL IN MARCH; UP 4.41% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.227 billi ...
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- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
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- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
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- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- MS Steel International - UAE
- ICICI Bank Limited - India
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