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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 $2,000/day less than the annual average for 2012. It is therefore perhaps no surprise that demolition is surging.
The Uneven Distribution
There are several potential impacts of growth in demolition. The Chinese bulkcarrier fleet shrank in 2014, partly due to the government scrapping subsidy. The subsidy is currently set to end this year and with many of the vessels scrapped in the year to date being Chinese-owned, this could shrink the Chinese fleet further. Also, the faster pace of Handysize demolition in Q1 2015 has led the Handymax sector to consolidate its position as the largest in the dry bulk fleet in terms of vessel numbers.
An Interesting Scenario
One very important impact of the surge is the potential stemming of fleet growth. Total bulker scrapping is currently projected to increase by around 30% y-o-y, to reach 21.2m dwt in 2015. However, at the current pace of scrapping, demolition in Q1 2015 could approach a record level, and in the full year, over 35m dwt of bulkers would be scrapped, more than doubling last year’s total. This could slow growth in the bulkcarrier fleet to around 2.5% y-o-y, which would represent the slowest rate in more than a decade. In this scenario Capesize fleet growth would be limited to around 2-3%.
So demolition is surging, and could approach record levels, altering the make-up of the bulker fleet, in terms of age, the distribution across sectors and owner nationality. And whether records are broken or not this year, the increase in demolition will have a clear impact on the rate of fleet expansion.
Source: Clarksons | Hellenic Shipping News
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Tuesday, 17 March 15
GAS TO CHALLENGE COAL IN THE ASIAN POWER GENERATION MIX - WOOD MACKENZIE
KNOWLEDGE TO ELEVATE
Wood Mackenzie says that coal is facing increasing competition from gas in the power sector. Coal has dominated as the fu ...
Tuesday, 17 March 15
RIO TINTO PAID US$ 7.1 BILLION IN TAXES IN 2014
COALspot.com: Rio Tinto has published its latest Taxes paid report, detailing the US$7.1 billion in taxes paid by the company around the world in 2 ...
Tuesday, 17 March 15
NEARLY 17% OF US COAL PRODUCTION UNECONOMIC AT CURRENT MARKET PRICING - WOOD MACKENZIE
COALspot.com: Close to 17% of forecast 2015 US coal production is at risk of idling or closure, totalling 162 million short tons (Mst), as these mi ...
Tuesday, 17 March 15
Q3' SA COAL SWAP CLOSED $57.30 PMT W/E 13 MARCH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and gained week on week.
The Q2 swap has fe ...
Monday, 16 March 15
MAKING THE WORLD GO ROUND - SEABORNE TRADE! - CLARKSONS
Money, or even love if you prefer, are claimed to make the world go round. For the shipping world, however, it’s trade that sets things spinn ...
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- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Aditya Birla Group - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
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