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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, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
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 fell US$ ...
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- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Australian Coal Association
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
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