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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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Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has fell US$ ...
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- Ceylon Electricity Board - Sri Lanka
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- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
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- Planning Commission, India
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- Singapore Mercantile Exchange
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- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Wilmar Investment Holdings
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- Directorate Of Revenue Intelligence - India
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- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Ministry of Finance - Indonesia
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- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
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- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
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- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
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- Romanian Commodities Exchange
- Minerals Council of Australia
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- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- The University of Queensland
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- Indian Oil Corporation Limited
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- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
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- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
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