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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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Thursday, 30 April 15
IRON ORE PLAYS EXPECTED TO SHAPE UP MAY DRY BULK SCHEDULE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Market plays in the iron ore commodities’ markets, are expected to carve out the future demand for the shipping industry as well, said Allied ...
Wednesday, 29 April 15
MARKET INSIGHT - INTERMODAL
The figures of China’s slowing down imports of coking coal for the first quarter of the year are coming to confirm what everybody was expecti ...
Wednesday, 29 April 15
SHIPBUILDERS START OFFERING DISCOUNTS FOR DRY BULK NEWBUILDINGS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It took a while, but now it appears that some shipbuilders are beginning to adjust their price lists to the new grim reality of the dry bulk market ...
Tuesday, 28 April 15
FOB INDONESIA COAL SWAP DECLINED M-O-M; INCREASED W-O-W
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week but declined month on month.
The Q2 swap was declined US$ 0.15 ( ...
Tuesday, 28 April 15
Q2' 15 FOB RICHARDS BAY COAL SWAP CLOSED 4.18% HIGHER FROM MONTH AGO
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased month over month and slightly week over week.
The Q2 swap ha ...
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- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
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