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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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Sunday, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
Thursday, 05 February 15
ULTRAMAX LEVELS FROM INDIA TO CHINA IN THE MID US$ 5000'S - FEARNLEYS AS
Handy
Despite the overall weak sentiment, there is a scent of optimism in the Atlantic market for ppt dates. Continent is still struggling with o ...
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- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Parliament of New Zealand
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
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