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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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Tuesday, 24 March 15
RICHARDS BAY COAL SWAP FOR DELIVERY Q2 CLOSED $ 1.87 HIGHER COMPARED TO Q3 CLOSING PRICE
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has dropped U ...
Tuesday, 24 March 15
ARGUS MEDITERRANEAN SOLID FUELS 2015 CONFERENCE | 2-3 JUNE, ISTANBUL
Press Release: Argus Media is proud to announce Argus Mediterranean Solid Fuels, which will be held in Istanbul,on 2-3February.
Argus produces ...
Monday, 23 March 15
IS OIL GETTING READY TO PLUNGE BELOW $40? - FORBES
KNOWLEDGE TO ELEVATE
In my last crude oil market update in late-February, I expressed my skepticism toward the oil price rebound. Since then, ...
Monday, 23 March 15
Q4' 2015 FOB NEWCASTLE COAL SWAPS DECLINED 6.79% M-O-M; 2.55% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.42 per MT (-6.33%) month over month and US$ 1.37 (-2.77%) we ...
Monday, 23 March 15
CFR SOUTH CHINA COAL SWAP: Q3 DELIVERY HAS FALLEN 7.93% MONTH-ON-MONTH
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.09 (-7.06%) per MT month over month and US$ 2.00 (-3 ...
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- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
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