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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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- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Aditya Birla Group - India
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