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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 $2,000/day less than the annual average for 2012. It is therefore perhaps no surprise that demolition is surging.
The Uneven Distribution
There are several potential impacts of growth in demolition. The Chinese bulkcarrier fleet shrank in 2014, partly due to the government scrapping subsidy. The subsidy is currently set to end this year and with many of the vessels scrapped in the year to date being Chinese-owned, this could shrink the Chinese fleet further. Also, the faster pace of Handysize demolition in Q1 2015 has led the Handymax sector to consolidate its position as the largest in the dry bulk fleet in terms of vessel numbers.
An Interesting Scenario
One very important impact of the surge is the potential stemming of fleet growth. Total bulker scrapping is currently projected to increase by around 30% y-o-y, to reach 21.2m dwt in 2015. However, at the current pace of scrapping, demolition in Q1 2015 could approach a record level, and in the full year, over 35m dwt of bulkers would be scrapped, more than doubling last year’s total. This could slow growth in the bulkcarrier fleet to around 2.5% y-o-y, which would represent the slowest rate in more than a decade. In this scenario Capesize fleet growth would be limited to around 2-3%.
So demolition is surging, and could approach record levels, altering the make-up of the bulker fleet, in terms of age, the distribution across sectors and owner nationality. And whether records are broken or not this year, the increase in demolition will have a clear impact on the rate of fleet expansion.
Source: Clarksons | Hellenic Shipping News
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Monday, 16 March 15
API 5 FOB NEWCASTLE COAL SWAPS: DECLINED
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 2.48 per MT (-4.77%) month over month and US$ 0.93 (-1.84%) we ...
Monday, 16 March 15
CFR SOUTH CHINA THERMAL COAL SWAP DECLINED 3.74% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 2.17 (-3.74%) per MT month over month and US$ 0.67 (-1 ...
Sunday, 15 March 15
BDI DECLINED LESSER THAN 1% WEEK OVER WEEK; INDO-INDIA FIRM
COALspot.com: The most of indices, including bulk dry index were falling this week. The BDI has been down by just 0.53 points and closing at 562 po ...
Saturday, 14 March 15
CAPESIZE DRY BULKERS TO AVERAGE BETWEEN $3,000 AND $9,000/DAY IN THE COMING WEEKS SAYS BIMCO
BIMCO issued its latest short-term estimates for the dry bulk market. For March/May: BIMCO assesses that the Capesize time charter (T/C) average ra ...
Friday, 13 March 15
U.S. COAL PRODUCTION UP 2.3% WEEK OVER WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.5 million short tons (mmst) of coal ...
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- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Latin American Coal - Colombia
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- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Australian Coal Association
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
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