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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, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
Tuesday, 17 February 15
FOB SUB-BIT INDONESIA COAL SWAP UP 8% MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 3.58 (+8.00%) month o ...
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- Siam City Cement - Thailand
- Economic Council, Georgia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- PTC India Limited - India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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