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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, 27 March 15
INDONESIA: NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulati ...
Friday, 27 March 15
WEEKLY U.S COAL OUTPUT FALLS 1.7% W-W; 7.9% Y-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately totaled an estimated 18.2 million ...
Thursday, 26 March 15
CHINA IRON ORE IMPORT FOR THE FIRST 2 MONTHS DECLINED BY 1.2 % Y-O-Y; PANAMAX AUSSIE/CHINA ROUNDS BEING FIXED IN THE $4 -5K RANGE - FEARNLEYS
Handy
There has been more activity in both hemispheres this week. Especially the USG market has picked up with more cargoes for prompter dates en ...
Thursday, 26 March 15
RATES FOR THE SMALLER SIZE SEGMENT CONTINUED TO IMPROVE LAST WEEK - INTERMODAL
To see green across the board is a rare occurrence in the Dry Bulk market nowadays and while the upside in which last week closed off is not of the ...
Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
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- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- SMG Consultants - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
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