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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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Wednesday, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within t ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, w ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Tuesday, 24 March 15
A WEAK WEEK FOR FOB INDONESIA COAL SWAP
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 2.48 (5.12%) month ...
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- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Videocon Industries ltd - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
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