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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, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
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- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
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