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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, 19 March 15
INDONESIAN COAL BENCHMARK SOAR 7.69% IN MARCH....!!!
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised up Indonesian coal benchmark prices to US$ 67.76 per MT in March ...
Wednesday, 18 March 15
AVERAGE RATE FOR CAPES MOVED TO BELOW $ 4K/DAY LAST WEEK - INTERMODAL
COALspot.com: The even heavier losses noted in the Capesize segment last week, denied the Dry Bulk market a third weekly positive, while the smalle ...
Wednesday, 18 March 15
PARKING THE CAPES - LINOS KOGEVINAS
It is no secret that recent times have been anything but kind towards shipping, and no sector has suffered more lately than the dry bulk one. While ...
Wednesday, 18 March 15
CHINA-OWNED SHIPS: A RAPID RISE TO BECOME ONE OF THE WORLD'S LARGEST FLEETS - RICHARD SCOTT
Ships operated by owners based in China have become increasingly prominent on the world’s sea routes. China-owned container ships, bulk carri ...
Wednesday, 18 March 15
Q2 INDONESIAN COAL SWAP DROP 1.45% M-O-M; GAIN 0.63% W-O-W
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and gained week over week.
The Q2 swap fell US$ 0.70 (1.45%) ...
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- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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