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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, 03 March 15
Q4' FOB INDONESIA COAL SWAP CLOSED 2% LOWER COMPARED TO Q2 CLOSING PRICE OF $ 47.47
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose month on month and declined week over week.
The Q2 swap increased US$ 2.24 ...
Tuesday, 03 March 15
FOB RICHARDS BAY COAL SWAPS: Q2 UP 9.60%; Q3 UP 9.75% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and week on week.
The Q2 swap has soared US$ 5 ...
Monday, 02 March 15
CFR SOUTH CHINA COAL SWAP FOR Q2 DELIVERY REACHED $ 57.50 PMT W/E 27 FEB 2015
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.37 (+2.44%) per MT month over month and declined US$ 0.42 ...
Monday, 02 March 15
BORYEONG POWER PLANT OF KOMIPO TO IMPORT 140K OF SUB-BITUMINOUS COAL FOR Q2
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 140,000 (70 ...
Monday, 02 March 15
FOB NEWCASTLE COAL SWAP ROSE 6.89% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.35 per MT (+6.89%) month over month and US$ 0.40 (0.78%) week on ...
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- Petrochimia International Co. Ltd.- Taiwan
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- Thiess Contractors Indonesia
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- Coal and Oil Company - UAE
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- Australian Coal Association
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- ICICI Bank Limited - India
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- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
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- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
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- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
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- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
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- Madhucon Powers Ltd - India
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- Interocean Group of Companies - India
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- Africa Commodities Group - South Africa
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- Global Business Power Corporation, Philippines
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- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
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- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
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- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
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- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
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- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
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- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
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- Port Waratah Coal Services - Australia
- Planning Commission, India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
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- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
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- Bhoruka Overseas - Indonesia
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- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
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- Medco Energi Mining Internasional
- VISA Power Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
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- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
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- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
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- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
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- Tamil Nadu electricity Board
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