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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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Tuesday, 21 April 15
SUB-BIT FOB INDONESIA COAL SWAP: GAINED W-O-W; DECLINED M-O-M
COALspot.com: Indonesian coal swap for delivery Q2 2015 gained week over week and declined month on month.
The Q2 swap was declined US$ 1.75 ( ...
Tuesday, 21 April 15
FOB RICHARDS BAY COAL SWAP MOVE UP SLIGHTLY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 increased slightly month over month.
The Q2 swap has increased US$ 0.2 ...
Monday, 20 April 15
BUKIT ASAM TAKES OVER STAKE IN JV FROM RAJAWALI - JP
State-owned coal miner PT Bukit Asam (PTBA) announced Friday that it had taken over almost the entire stake in a joint venture (JV) that it created ...
Monday, 20 April 15
FOB NEWCASTLE COAL SWAP GAINED WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.54 per MT (-7.21%) month over month and gained US$ 0.30 week ...
Monday, 20 April 15
Q4' 2015 API 8 CFR SOUTH CHINA COAL SWAP CLOSED US$ 50.28 PMT
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.03 (-7.28%) per MT month over month and US$ 0.05 (-0 ...
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- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- The University of Queensland
- Coal and Oil Company - UAE
- Planning Commission, India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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