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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 $2,000/day less than the annual average for 2012. It is therefore perhaps no surprise that demolition is surging.
The Uneven Distribution
There are several potential impacts of growth in demolition. The Chinese bulkcarrier fleet shrank in 2014, partly due to the government scrapping subsidy. The subsidy is currently set to end this year and with many of the vessels scrapped in the year to date being Chinese-owned, this could shrink the Chinese fleet further. Also, the faster pace of Handysize demolition in Q1 2015 has led the Handymax sector to consolidate its position as the largest in the dry bulk fleet in terms of vessel numbers.
An Interesting Scenario
One very important impact of the surge is the potential stemming of fleet growth. Total bulker scrapping is currently projected to increase by around 30% y-o-y, to reach 21.2m dwt in 2015. However, at the current pace of scrapping, demolition in Q1 2015 could approach a record level, and in the full year, over 35m dwt of bulkers would be scrapped, more than doubling last year’s total. This could slow growth in the bulkcarrier fleet to around 2.5% y-o-y, which would represent the slowest rate in more than a decade. In this scenario Capesize fleet growth would be limited to around 2-3%.
So demolition is surging, and could approach record levels, altering the make-up of the bulker fleet, in terms of age, the distribution across sectors and owner nationality. And whether records are broken or not this year, the increase in demolition will have a clear impact on the rate of fleet expansion.
Source: Clarksons | Hellenic Shipping News
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Tuesday, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
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- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
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- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
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- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
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- The State Trading Corporation of India Ltd
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- Australian Coal Association
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- SN Aboitiz Power Inc, Philippines
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- Electricity Authority, New Zealand
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- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
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- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
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- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- London Commodity Brokers - England
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- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
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- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Planning Commission, India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
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