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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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Saturday, 14 February 15
SHALE GAS AND TIGHT OIL ARE COMMERCIALLY PRODUCED IN JUST FOUR COUNTRIES - EIA
KNOWLEDGE TO ELEVATE
The United States, Canada, China, and Argentina are currently the only four countries in the world that are producing com ...
Friday, 13 February 15
U.S. WEEKLY COAL PRODUCTION SHOWS 10% DECLINE
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.1 million short tons (mmst) of coal ...
Friday, 13 February 15
SMALL AND MEDIUM-SIZED SHIP OWNERS SQUEEZED OUT OF THE MARKET ON CRASHING DRY BULK MARKET AND EUROZONE CRISIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Financing issues have started to tighten the noose in the throats of small and medium-size ship owners, who were already facing problems over the p ...
Thursday, 12 February 15
CAPESIZE: THE BEST DESCRIPTION FOR THE MARKET IS, FLAT - FEARNRESEARCH
Handy
The handy and supra market is also being affected by the marginal volume of activity in the commodity sales. We see a small upturn in the T ...
Thursday, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
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- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
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