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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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Wednesday, 25 February 15
PORT OF NEWCASTLE SHIPPED 13.16MT OF COAL IN JANUARY; DECLINED 16.70% FROM A MONTH AGO
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.15 billio ...
Wednesday, 25 February 15
BDI SLIPPING ONCE MORE TO FRESH HISTORICAL LOWS
COALspot.com: With the BDI slipping once more to fresh historical lows and the Chinese holidays underway, signs for a positive reversal in the Dry ...
Tuesday, 24 February 15
FOB INDONESIA COAL SWAP SET TO RALLY
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap increased US$ 3.30 (+7.30%) ...
Tuesday, 24 February 15
Q3' FOB RICHARDS BAY COAL SWAP CLOSED $59.80 W/E 20 FEB
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and decline week on week.
The Q2 swap has soar ...
Tuesday, 24 February 15
IHS ENERGY COAL CONFERENCE OF THE AMERICAS
Attend the IHS Energy Coal Conference of the Americas 17-19 March in Cartagena, Colombia and learn about timely concerns in today's coal indust ...
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- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- The University of Queensland
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- PTC India Limited - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
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