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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 $2,000/day less than the annual average for 2012. It is therefore perhaps no surprise that demolition is surging.
The Uneven Distribution
There are several potential impacts of growth in demolition. The Chinese bulkcarrier fleet shrank in 2014, partly due to the government scrapping subsidy. The subsidy is currently set to end this year and with many of the vessels scrapped in the year to date being Chinese-owned, this could shrink the Chinese fleet further. Also, the faster pace of Handysize demolition in Q1 2015 has led the Handymax sector to consolidate its position as the largest in the dry bulk fleet in terms of vessel numbers.
An Interesting Scenario
One very important impact of the surge is the potential stemming of fleet growth. Total bulker scrapping is currently projected to increase by around 30% y-o-y, to reach 21.2m dwt in 2015. However, at the current pace of scrapping, demolition in Q1 2015 could approach a record level, and in the full year, over 35m dwt of bulkers would be scrapped, more than doubling last year’s total. This could slow growth in the bulkcarrier fleet to around 2.5% y-o-y, which would represent the slowest rate in more than a decade. In this scenario Capesize fleet growth would be limited to around 2-3%.
So demolition is surging, and could approach record levels, altering the make-up of the bulker fleet, in terms of age, the distribution across sectors and owner nationality. And whether records are broken or not this year, the increase in demolition will have a clear impact on the rate of fleet expansion.
Source: Clarksons | Hellenic Shipping News
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Thursday, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
Tuesday, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
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- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Australian Coal Association
- The University of Queensland
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
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