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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, 23 March 15
SEABORNE WORLD COAL TRADE: GROWTH +5% - GERMAN COAL IMPORTER ASSOCIATION
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Sunday, 22 March 15
DRY BULK RATES CONTINUED TO RISE THIS WEEK
COALspot.com: The freight market was steady this week as all the segments increased after many weeks of weak trend.
The Baltic Dry Index (BDI) ...
Friday, 20 March 15
HARD COAL MARKET 2014: DESPITE THE ENERGY TURNAROUND, HARD COAL IMPORTS TO GERMANY RISE BY MORE THAN 6% (PART 1)
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Friday, 20 March 15
U.S. WEEKLY COAL PRODUCTION SHOWS 5.9% INCREASE WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.5 million short tons (mmst) of coal ...
Thursday, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
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- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Australian Commodity Traders Exchange
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- Economic Council, Georgia
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- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
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- Ind-Barath Power Infra Limited - India
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- Rashtriya Ispat Nigam Limited - India
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- Metalloyd Limited - United Kingdom
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- Planning Commission, India
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- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
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- Ministry of Transport, Egypt
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- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
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- Central Electricity Authority - India
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- Directorate Of Revenue Intelligence - India
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- India Bulls Power Limited - India
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- White Energy Company Limited
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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- Global Green Power PLC Corporation, Philippines
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- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Latin American Coal - Colombia
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- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- McConnell Dowell - Australia
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- PowerSource Philippines DevCo
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- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
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- The Treasury - Australian Government
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- San Jose City I Power Corp, Philippines
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- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
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- GN Power Mariveles Coal Plant, Philippines
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- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
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- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
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- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Australian Coal Association
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
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