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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 $2,000/day less than the annual average for 2012. It is therefore perhaps no surprise that demolition is surging.
The Uneven Distribution
There are several potential impacts of growth in demolition. The Chinese bulkcarrier fleet shrank in 2014, partly due to the government scrapping subsidy. The subsidy is currently set to end this year and with many of the vessels scrapped in the year to date being Chinese-owned, this could shrink the Chinese fleet further. Also, the faster pace of Handysize demolition in Q1 2015 has led the Handymax sector to consolidate its position as the largest in the dry bulk fleet in terms of vessel numbers.
An Interesting Scenario
One very important impact of the surge is the potential stemming of fleet growth. Total bulker scrapping is currently projected to increase by around 30% y-o-y, to reach 21.2m dwt in 2015. However, at the current pace of scrapping, demolition in Q1 2015 could approach a record level, and in the full year, over 35m dwt of bulkers would be scrapped, more than doubling last year’s total. This could slow growth in the bulkcarrier fleet to around 2.5% y-o-y, which would represent the slowest rate in more than a decade. In this scenario Capesize fleet growth would be limited to around 2-3%.
So demolition is surging, and could approach record levels, altering the make-up of the bulker fleet, in terms of age, the distribution across sectors and owner nationality. And whether records are broken or not this year, the increase in demolition will have a clear impact on the rate of fleet expansion.
Source: Clarksons | Hellenic Shipping News
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Tuesday, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
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- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
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