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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, 11 May 15
CFR SOUTH CHINA COAL SWAP: DECLINED MOM AND WOW
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.46 (-0.90%) per MT month over month and US$ 0.28 (0. ...
Monday, 11 May 15
KOREA MIDLAND POWER INVITES BIDS FOR 140K MT OF 4600 NAR COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued a new tender to buy total 140,000 Metric Tons (MT) of Sub-bitumi ...
Sunday, 10 May 15
FREIGHT RATES TO REMAIN SOFT NEXT WEEK
COALspot.com: The freight market was flat to soft week over week except for the Cape Index which was up 7.32%. Cape index was closed at 616 p ...
Friday, 08 May 15
BUSIEST CAPESIZE DEMOLITION MARKET EVER - BIMCO
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.
The dry bulk market has long suffered f ...
Friday, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
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- The Treasury - Australian Government
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- Economic Council, Georgia
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- Parliament of New Zealand
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
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- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
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- Commonwealth Bank - Australia
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
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- Singapore Mercantile Exchange
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- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
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- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
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- Binh Thuan Hamico - Vietnam
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- IEA Clean Coal Centre - UK
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- Sojitz Corporation - Japan
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- Marubeni Corporation - India
- Australian Commodity Traders Exchange
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- Xindia Steels Limited - India
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- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
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- Indika Energy - Indonesia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Australian Coal Association
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- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
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- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
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- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
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- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
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- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
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- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
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