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