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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, 04 February 15
MARKET INSIGHT - LINOS KOGEVINAS
It has been just about over 2 months since, in a move that surprised many and caused widespread apprehension, OPEC decided to maintain its producti ...
Tuesday, 03 February 15
Q1'15 FOB INDONESIA COAL SWAP CLOSED $ 3.29 HIGHER COMPARED TO Q4'15 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 rose week over week and month on month.
The Q1 swap up US$ 0.68 (+1.41%) month o ...
Tuesday, 03 February 15
FOB NEWCASTLE COAL SWAP FOR Q4 DELIVERY CLOSED 5.86% LOWER THAN Q1 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery rose US$ 0.26 per MT (+0.51%) week over week and declined US$ 0.02 (-0.04%) ...
Monday, 02 February 15
API 4 FOB RICHARDS BAY COAL SWAP ROSE WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has decli ...
Monday, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
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- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
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