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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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Tuesday, 09 June 15
FOB RICHARDS BAY COAL SWAPS DECLINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was fell US$ ...
Monday, 08 June 15
SHIPPING FLEET GROWTH HAS STARTED TO SLOW DOWN, AS NEWBUILDINGS AMOUNT TO JUST 329 SHIPS OF ALL TYPES SINCE THE START OF 2015 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Challenging market conditions have led to the inevitable reconsideration of ship owners’ priorities. Uncertainty has been the norm over the p ...
Monday, 08 June 15
API 5 FOB NEWCASTLE COAL SWAPS ADVANCED M-O-M AND W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery increased US$ 0.65 per MT (1.44%) month over month to US$ 45.65 per mt. The ...
Monday, 08 June 15
Q3'15 CFR SOUTH CHINA COAL SWAP ADVANCED 3.51% TO $52.48 PMT THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 1.78 (3.51%) per MT month over month.
A commodity swap is a ...
Sunday, 07 June 15
PANAMAX INDEX ROSE OVER 13% THIS WEEK
COALspot.com: The freight market was up on all segments this past week. The BDI was advanced 3.56% and closed at 610 points. The Cape Index was cli ...
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- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Interocean Group of Companies - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
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- Global Business Power Corporation, Philippines
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- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
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- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
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- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
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