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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, 07 January 15
2015 IS RIDDLED WITH CHALLENGES FOR THE SHIPPING SECTOR, MOST NOTABLY THE DRY BULK MARKET - HELLENIC SHIPPING NEWS
As the new year has now set foot for real, many are still looking to detect what’s in store for the various shipping markets, with the first ...
Tuesday, 06 January 15
SHIPPING MUST ADOPT CAN-DO ATTITUDE IN 2015 - MOORE STEPHENS
Shipping needs to adopt a can-do attitude in order to successfully meet the challenges which are likely to come its way in 2015.
Shipping part ...
Tuesday, 06 January 15
Q4' 15 FOB INDONESIA COAL SWAP CLOSED 1.81% HIGHER COMPARED TO Q1' 15 CLOSING
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 0.74 (-1.51%) m ...
Tuesday, 06 January 15
FOB RICHARDS BAY COAL SWAPS LOST W-O-W AND M-O-M, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.52 (-5. ...
Monday, 05 January 15
CFR SOUTH CHINA COAL SWAPS GAINED WEEK OVER WEEK, SGX DATA SHOWS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 2.50 (-4.02%) month over month and gained US$ 0.20 ( ...
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- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
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