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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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Sunday, 19 April 15
THE OCEAN FREIGHT MARKET SHOWED STEADY THIS WEEK
COALspot.com: The freight market was fairly steady this week. The BDI was up 2.93% to 597 points week over week. The cape index was also increased ...
Friday, 17 April 15
IHS ENERGY EUROPEAN COAL OUTLOOK CONFERENCE
Attend the IHS Energy European Coal Outlook Conference 19-20 May in Nice, France and learn about timely concerns in today’s coal industry.
...
Friday, 17 April 15
COAL PRODUCTION IN THE U.S. UP THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.0 million short ...
Thursday, 16 April 15
NEW COMMODITY SUPERHIGHWAY WILL EMERGE IN CHINA, ALTERING ENERGY TRADE FLOWS - WOOD MACKENZIE
Wood Mackenzie says that China’s Go West strategy – encouraging coastal to inland flow of capital and people - will result in the forma ...
Thursday, 16 April 15
SHIPPING DEMAND TO SUFFER AS CHINESE SLOWDOWN CONFIRMED SAYS BIMCO'S CHIEF SHIPPING ANALYST - BIMCO
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overa ...
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- Anglo American - United Kingdom
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- Power Finance Corporation Ltd., India
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- Ministry of Transport, Egypt
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- Price Waterhouse Coopers - Russia
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- International Coal Ventures Pvt Ltd - India
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- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
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- SN Aboitiz Power Inc, Philippines
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- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
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- Videocon Industries ltd - India
- Indian Energy Exchange, India
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- Wood Mackenzie - Singapore
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- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
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- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
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- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
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