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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, 16 April 15
INDIA: COAL IMPORTS RISE BY 33 PC TO 240 MT IN FY'15 - PTI
India’s coal imports in the just concluded FY 2015 increased by 33 per cent to about 240 million tonnes.
“Coal import have gone up ...
Thursday, 16 April 15
CAPESIZE: THE SUPPLY AND DEMAND SIDE ARE NOW SUFFERING HEAVILY - FEARNLEYS
Handy
It seems to be some standoff between owners and charterers in both hemispheres this week. Owners are raising their rates while charterers a ...
Thursday, 16 April 15
Q3 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 55.67 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month.
The Q2 swap has declined US$ 1.90 (3.17%) m ...
Wednesday, 15 April 15
PORT OF NEWCASTLE SHIPPED 13.63 MMT OF COAL IN MARCH; UP 4.41% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.227 billi ...
Tuesday, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
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- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Economic Council, Georgia
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- Latin American Coal - Colombia
- Planning Commission, India
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- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
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- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
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- Ministry of Transport, Egypt
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- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
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- PTC India Limited - India
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- Alfred C Toepfer International GmbH - Germany
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- MS Steel International - UAE
- Ministry of Finance - Indonesia
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- Ministry of Mines - Canada
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- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
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- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
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- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
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- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
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- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
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