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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, 16 March 15
API 5 FOB NEWCASTLE COAL SWAPS: DECLINED
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 2.48 per MT (-4.77%) month over month and US$ 0.93 (-1.84%) we ...
Monday, 16 March 15
CFR SOUTH CHINA THERMAL COAL SWAP DECLINED 3.74% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 2.17 (-3.74%) per MT month over month and US$ 0.67 (-1 ...
Sunday, 15 March 15
BDI DECLINED LESSER THAN 1% WEEK OVER WEEK; INDO-INDIA FIRM
COALspot.com: The most of indices, including bulk dry index were falling this week. The BDI has been down by just 0.53 points and closing at 562 po ...
Saturday, 14 March 15
CAPESIZE DRY BULKERS TO AVERAGE BETWEEN $3,000 AND $9,000/DAY IN THE COMING WEEKS SAYS BIMCO
BIMCO issued its latest short-term estimates for the dry bulk market. For March/May: BIMCO assesses that the Capesize time charter (T/C) average ra ...
Friday, 13 March 15
U.S. COAL PRODUCTION UP 2.3% WEEK OVER WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.5 million short tons (mmst) of coal ...
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- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Central Electricity Authority - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- The University of Queensland
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- PTC India Limited - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
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