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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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Sunday, 05 April 15
FREIGHT RATES UNDER PRESSURE WEEK OVER WEEK
COALspot.com: The Indices fell on all segments and the market seemed to soften this week.
The BDI was almost lost 1.34% week over week and clo ...
Saturday, 04 April 15
BORYEONG POWER OF KOMIPO TO BUY TOTALED 695K MT OF HIGH AND LCV COAL
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 500000 Metr ...
Friday, 03 April 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.3 million short ...
Friday, 03 April 15
TOBA BARA'S PANDU SJAHRIR ELECTED AS NEW CHAIRMAN OF THE INDONESIAN COAL MINING ASSOCIATION
COALspot.com: Pandu Sjahrir, the Vice President Director & CFO of the Jakarta-listed PT Toba Bara Sejahtra — a subsidiary of PT Toba Seja ...
Thursday, 02 April 15
GOVERNMENT MUST WORK WITH MINING, NOT AGAINST IT - PANDU SJAHRIR
The Coal Face: The coal price has hit its lowest point in recent memory
My father used to say to me that his children are his biggest inv ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Aditya Birla Group - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
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