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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, 10 April 15
US COAL PRODUCTION FELL 4.7% W-O-W : EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
Friday, 10 April 15
DRY BULK MARKET'S DOWNFALL ALSO OFFER INVESTMENT BARGAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk market rates have fallen to historical lows over the past few weeks, with no clear path of recovery, at least in the near term. As such, m ...
Thursday, 09 April 15
CAPESIZE: RATES ARE STILL DISAPPOINTING - FEARNLEYS
Handy
The handy market had a stronger sentiment before the Easter holidays, but have as the bigger panamaxes seen a softening tendency this week. ...
Wednesday, 08 April 15
DRY BULK MARKET SEEMS UNABLE TO CATCH A BREAK - INTERMODAL
COALspot.com: The Dry Bulk market seems unable to catch a break these days.
According to Intermodal, following the market stabilization that p ...
Wednesday, 08 April 15
CHINA BURNS HALF OF THE WORLD'S COAL - CHRISTOPHER T. WHITTY
Intermodal Weekly Market Update
China is the world's largest consumer of coal, using more coal each year than the United States, the Europ ...
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- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
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