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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, 27 April 15
U.S. COAL PRODUCTION FELL BELOW ONE BILLION SHORT TONS IN 2013 - EIA
COALspot.com: For the first time in two decades, U.S. coal production fell below one billion short tons to 984.8 million short tons in 2013 from 1, ...
Monday, 27 April 15
Q3' 2015 FOB NEWCASTLE COAL SWAP CLOSED 3.69% LOWER THAN Q2' 2015 PRICE OF $46.36
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery gained US$ 0.19 per MT (0.41%) month over month and US$ 0.78 week on week. ...
Monday, 27 April 15
CFR SOUTH CHINA COAL SWAP SLOWLY IMPROVED THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 0.74 (-1.41%) per MT month over month and increased US$ 0.43 ...
Sunday, 26 April 15
DRY BULK MARKET KEPT IMPROVING THIS WEEK; CAPES AND PANAMAXES SHOW A SLIGHT PICKUP IN RATES
COALspot.com: The freight market was stable this week as BDI closed at 600 points after improving 0.50 percent week over week.
The cape ...
Friday, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
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- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Australian Coal Association
- Parliament of New Zealand
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
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