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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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Wednesday, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
Monday, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
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- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
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- Gujarat Mineral Development Corp Ltd - India
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- Pendopo Energi Batubara - Indonesia
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- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
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- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
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- Georgia Ports Authority, United States
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- Bhatia International Limited - India
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- Planning Commission, India
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- Directorate General of MIneral and Coal - Indonesia
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- Independent Power Producers Association of India
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- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
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