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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, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
Wednesday, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
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- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Planning Commission, India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- The University of Queensland
- PTC India Limited - India
- Mercuria Energy - Indonesia
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