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Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
 In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from the 23m dwt peak in orders in December 2007, and probably the sharpest decline in recent decades. Not really a surprise in a market where Capesize bulkers are struggling to earn $4,000/day, but a timely relief to investors with ships on the order book.
Investment Fever
This investment collapse marks the end of a remarkable phase of bulk carrier history. During the last decade, 724m dwt of new bulkers have been ordered, around 70m dwt/year. Just to put that in perspective, during the previous decade ordering averaged about 20m dwt/year.
The 5 years from 1996 to 2001 were disappointing to investors, who ordered only 1.2m dwt/month. At the time this was seen as normal, and included a spike in 1999, when investors snapped up Panamax bulkers for $19-$22m. These were probably the most profitable bulkers ordered in the industry’s post-war history. Upon delivery they sailed straight into the bulk shipping boom. Proof that “crazy investors” are not always crazy.
Softly, Softly
The next phase from 2002 to November 2006 was quite restrained, considering the rise in freight rates. Ordering edged up, averaging 2.8m dwt/month. As earnings eased in 2006, many assumed the boom was over, but they were wrong and what happened next was unprecedented. As earnings escalated owners threw caution to the wind, and the big bulker cash machine drew investors from outside shipping. In December 2007, ordering peaked at 23m dwt, and in 2007 to 2014, investment averaged 6.8m dwt/month (81m dwt/year), an astonishing number for a period mostly in global recession.
Carry On Investing
Despite the onset of the global downturn in 2008, two more bulker investment spikes followed in 2010 and 2013. With surplus bulker capacity, and China’s growth engine easing off, it’s hard to explain this investment on strictly economic grounds. Easier, perhaps, to understand the change in expectations. The memory of spectacular bulker earnings had been fresh in the minds of some investors, but a decade later and that dream is fading.
The collapse in bulkcarrier investment is a particular problem for shipyards. Many builders in China and Japan surfed the wave of bulkcarrier investment and bulkers still account for around half of tonnage on order globally. In today’s sluggish world economy, that is going to be a difficult gap to fill. The fact that bulker prices are around 5% down this year, and ordering has virtually stopped tells its own story.
Big Bulker Investment Boom
So there you have it. The spectacular run of dry bulk investment which kicked off in early 2003 has finally ended. Then China’s imports were growing at 27% a year, a big difference from the 3% growth in 2014. This is disappointing, but as serious shipping investors know, in good markets and bad, there’s still an awful lot of cargo that has to be moved around the world – it’s just a matter of who moves it.
Source: Clarksons | Hellenic Shipping News
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Thursday, 11 June 15
IS COAL INDUSTRY GOING TO HIT A BRICK WALL?
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.59 per MT fo ...
Wednesday, 10 June 15
TANKER MARKET INSIGHT - STELIOS KOLLINTZAS
As we go through the end of the 2nd quarter of the year it is evident that the tanker shipping markets have been rewarding and definitely been show ...
Wednesday, 10 June 15
WORLD COAL MARKET HEADING TO NEW EQUILIBRIUM: MINISTER - JAKARTA POST
Energy and Mineral Resources Minister Sudirman Said has said the world’s coal market is heading towards a new balance, which will make Indone ...
Wednesday, 10 June 15
FOB INDONESIA COAL SWAP ROSE W-O-W AND M-O-M
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month and week over week, this past week.
The Q3 swap was climbed by $ ...
Tuesday, 09 June 15
GLOBALCOAL IMPLEMENTS VOLUMETRIC SIZE LIMITS IN RICHARDS BAY MARKET
COALspot.com: globalCOAL today announced that following recent market consultation, it will limit bids, offers and trades in the fixed price Phys R ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
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