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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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Thursday, 01 January 15
FOB RICHARDS BAY COAL SWAPS CLOSED AT $63.47 PMT ON 26 DEC, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.37 (-4. ...
Wednesday, 31 December 14
COASTAL ENERGEN (C&O) COMMENCES 1ST UNIT OF 1200 MW POWER PLANT IN INDIA
COALspot.com: Coastal Energen, part of the Coal & Oil Group, announced last week the commissioning and commencement of power production at the ...
Wednesday, 31 December 14
SUB-BIT INDONESIA COAL Q2' 15 DELIVERY SWAP CLOSED 1.03% LOWER COMPARED TO AVERAGE Q1' 15 DELIVERY PRICE - SGX
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week.
The Q1 swap has lost US$ 1.35 (-2 ...
Tuesday, 30 December 14
SHIP PRICES KEEP ON FALLING, SALES COME EARLY FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship prices keep on falling on the back of low freight rates. According to the latest report from shipbroker Allied Shipbroking, January sales seem ...
Tuesday, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
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- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Australian Coal Association
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
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