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Tuesday, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
 The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% in 2010 to just over 2% in 2015. In the short-term, fleet expansion is currently projected to slow further, but with only limited growth expected in dry bulk trade in coming years, can supply growth be brought back in line with expansion in demand?
Stunting The Growth
The depression in the dry bulk market, driven by weak demand and firm supply growth in preceding years, saw bulker owners scrap over 30m dwt in 2015, close to the record of 33m dwt in 2012. Meanwhile, deliveries remained fairly steady y-o-y at 49m dwt, down from 100m dwt in 2012. Estimated ‘non-delivery’ (the percentage of the start year orderbook scheduled for delivery during the year, but not delivered due to ‘slippage’ or cancellation) rose last year to 43%, up from an estimated 36% in 2014, limiting delivery volumes. Overall, these trends saw the pace of fleet growth shrink to 2.4%, the slowest rate since 1999. However, even this slow growth exacerbated oversupply, with seaborne dry bulk trade declining by 0.1% in 2015.
Out With The Not-So-Old
Bulkcarrier demolition is projected to remain firm this year, given the weak outlook for the market. There remains a sizeable volume (62.4m dwt) of bulkcarrier tonnage aged over 20 years, and owners have also shown a willingness to scrap increasingly younger units, with the average age of scrapped bulkers falling from 32 years in 2010 to 25 years in 2015. In the first eight weeks of 2016 alone, 93 units of 8.3m dwt were scrapped, up 77% y-o-y on an annualised basis, and demolition is currently projected to exceed 33m dwt this year.
Deliveries To Dive?
Despite the depressed market conditions, and expectations that slippage and cancellation will continue to significantly affect deliveries, a total of 49m dwt is again expected to be delivered in 2016. However, the more limited ordering volumes seen in 2014-15 have helped the orderbook to decrease, reaching an 8-year low in February 2016, and deliveries are now expected to drop in 2017 to 35m dwt.
How Low Do We Need To Go?
Overall, the gap between bulkcarrier deliveries and demolition is currently expected to remain fairly steady this year, with fleet growth projected to reach 2.0%. However, with dry bulk trade growth expected to be very limited at 0.3% in 2016, to restrict fleet expansion to this pace would require the equivalent of either deliveries easing to 36m dwt this year, 27% lower than the current projection, or demolition surging to 47m dwt, 40% higher than the current projection.
So, unless there are dramatic shifts in supply side trends in the rest of this year, it will be difficult to limit the pace of fleet expansion in 2016 to a level closer to dry bulk trade growth. There seems more scope for this in 2017, given current expectations for expansion of only 0.7% in the fleet. However, with dry bulk trade underperforming, even such a slow pace of fleet growth expected in the short-term might struggle to restore balance.
Source: Clarksons | Hellenic Shipping News
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Monday, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
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- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
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- Sakthi Sugars Limited - India
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- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
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- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Planning Commission, India
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- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
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- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
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- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
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- Directorate Of Revenue Intelligence - India
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- Ambuja Cements Ltd - India
- VISA Power Limited - India
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- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
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- Madhucon Powers Ltd - India
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- Anglo American - United Kingdom
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- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- White Energy Company Limited
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Videocon Industries ltd - India
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