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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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Friday, 22 May 15
FOB INDONESIA COAL Q3'15 SWAP FINISHED THE WEEK UP 38 CENTS TO $43.65 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains week over week and lost month on month, past week.
The Q3 swap was declined US$ ...
Friday, 22 May 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT AT 16 MMST
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Thursday, 21 May 15
PORT OF NEWCASTLE ACHIEVED ITS BEST EVER TOTAL COAL EXPORT TURNOVER OF 159 MILLION TONS IN 2014
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $900 million ...
Thursday, 21 May 15
ATLANTIC PANAMAX MARKET STARTED TO IMPROVE SLOWLY - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week on the green last week, purely on the back of improved Capesize performance, while the rest o ...
Wednesday, 20 May 15
LOWER PRICES SEEN IN NEWBUILDING MARKET ON LOW DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Cash-rich ship owners, or at least, owners with substantial access to financing will be among the prime candidates, who will reap the benefits of t ...
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- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Planning Commission, India
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
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