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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 $2,000/day less than the annual average for 2012. It is therefore perhaps no surprise that demolition is surging.
The Uneven Distribution
There are several potential impacts of growth in demolition. The Chinese bulkcarrier fleet shrank in 2014, partly due to the government scrapping subsidy. The subsidy is currently set to end this year and with many of the vessels scrapped in the year to date being Chinese-owned, this could shrink the Chinese fleet further. Also, the faster pace of Handysize demolition in Q1 2015 has led the Handymax sector to consolidate its position as the largest in the dry bulk fleet in terms of vessel numbers.
An Interesting Scenario
One very important impact of the surge is the potential stemming of fleet growth. Total bulker scrapping is currently projected to increase by around 30% y-o-y, to reach 21.2m dwt in 2015. However, at the current pace of scrapping, demolition in Q1 2015 could approach a record level, and in the full year, over 35m dwt of bulkers would be scrapped, more than doubling last year’s total. This could slow growth in the bulkcarrier fleet to around 2.5% y-o-y, which would represent the slowest rate in more than a decade. In this scenario Capesize fleet growth would be limited to around 2-3%.
So demolition is surging, and could approach record levels, altering the make-up of the bulker fleet, in terms of age, the distribution across sectors and owner nationality. And whether records are broken or not this year, the increase in demolition will have a clear impact on the rate of fleet expansion.
Source: Clarksons | Hellenic Shipping News
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Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
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- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- The University of Queensland
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
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