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