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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, 17 March 15
GAS TO CHALLENGE COAL IN THE ASIAN POWER GENERATION MIX - WOOD MACKENZIE
KNOWLEDGE TO ELEVATE
Wood Mackenzie says that coal is facing increasing competition from gas in the power sector. Coal has dominated as the fu ...
Tuesday, 17 March 15
RIO TINTO PAID US$ 7.1 BILLION IN TAXES IN 2014
COALspot.com: Rio Tinto has published its latest Taxes paid report, detailing the US$7.1 billion in taxes paid by the company around the world in 2 ...
Tuesday, 17 March 15
NEARLY 17% OF US COAL PRODUCTION UNECONOMIC AT CURRENT MARKET PRICING - WOOD MACKENZIE
COALspot.com: Close to 17% of forecast 2015 US coal production is at risk of idling or closure, totalling 162 million short tons (Mst), as these mi ...
Tuesday, 17 March 15
Q3' SA COAL SWAP CLOSED $57.30 PMT W/E 13 MARCH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and gained week on week.
The Q2 swap has fe ...
Monday, 16 March 15
MAKING THE WORLD GO ROUND - SEABORNE TRADE! - CLARKSONS
Money, or even love if you prefer, are claimed to make the world go round. For the shipping world, however, it’s trade that sets things spinn ...
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- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
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- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- The University of Queensland
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
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