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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, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
Tuesday, 14 April 15
SUB-BIT FOB INDONESIA COAL SWAPS FOR Q4 DELIVERY CRASHES THROUGH $44
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.25 (4.77%) ...
Monday, 13 April 15
Q2 FOB NEWCASTLE COAL SWAP CLOSED AT $45.28 PMT; DECLINED 7.50% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.67 per MT (-7.50%) month over month and US$ 0.39 week on wee ...
Monday, 13 April 15
Q4 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 50.97
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.50 (-8.05%) per MT month over month and US$ 0.12 (-0 ...
Sunday, 12 April 15
INDONESIA TO INDIA FREIGHT RATE IS EXPECTED TO BE SOFT
COALspot.com: The freight market was steady, however the BDI was declined slightly week over week.
BDI dropped 1.36 pct and closed at 580 poin ...
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Showing 3076 to 3080 news of total 6871 |
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- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
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