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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, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
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- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
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