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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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Monday, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
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- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Australian Coal Association
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Planning Commission, India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
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