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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, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
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- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
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- PowerSource Philippines DevCo
- Economic Council, Georgia
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- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Planning Commission, India
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- CIMB Investment Bank - Malaysia
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- Tamil Nadu electricity Board
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- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
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- Binh Thuan Hamico - Vietnam
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- The Treasury - Australian Government
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- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
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- Mjunction Services Limited - India
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- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
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- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- PTC India Limited - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- The University of Queensland
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
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