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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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- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- The Treasury - Australian Government
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- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
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