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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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Tuesday, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
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- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
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- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
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- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
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- Bhatia International Limited - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Planning Commission, India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Parliament of New Zealand
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- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
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- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- White Energy Company Limited
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
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