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Friday, 01 April 16
ASSESSING THE DRY BULK MARKET AT ROCK BOTTOM - CLARKSONS
 While the opening months of the year are typically a weak period for the dry bulk market, the downturn so far this year has been severe. Earnings hit record lows, while asset prices fell sharply. In a bid to reduce their exposure to the depression, bulker owners have demolished and idled increasing volumes of capacity, while contracting activity has stalled. The market appears to have hit the bottom of the cycle.
Depressed Earnings
Over the past decade, bulkcarrier earnings in the January-February period have averaged 15% lower than the levels for the rest of the year, reflecting a seasonal slowdown in dry bulk trade. However, the weakness so far this year has been particularly stark. Average earnings dropped 41% y-o-y in January 2016, before hitting a record low of $3,666/day in February. Similarly, the Baltic Dry Index fell 48% y-o-y to a record low of 290 points in mid-February 2016, while the 1 year benchmark Capesize timecharter rate also slumped to a historical low of $6,025/day at the end of the month. In short, this has been the worst start to the year on record for bulker owners.
Slumping Prices
The depressed dry bulk market conditions and bleak outlook have also seen asset prices reach multi-year lows. The Clarksons Bulkcarrier Secondhand Price Index fell 39% y-o-y to 71 points in January 2016: the lowest level since 1987. By the end of January 2016, a 5 year old Capesize could be purchased for $23m, which was also the lowest level in 29 years. This represented 50% of the guideline Capesize newbuild price ($46m), compared to 67% in January 2015, further highlighting the depression in the market.
Getting Destructive
Collapsing bulker earnings and declining asset prices have exerted severe financial pressure on owners. As such, many have removed large volumes of tonnage from their active fleets. In the first 11 weeks of 2016, 134 bulkcarrier units of a combined 11.1m dwt were scrapped, which when annualised exceeds 52m dwt. Demolition is currently projected to surpass the 2012 record (33.4m dwt) in full year 2016. The total confirmed number of idled or laid-up bulkers has also increased firmly in the past six months, totalling 214 units of a combined 11.2m dwt by mid-March and accounting for around 1.4% of bulkcarrier fleet capacity.
Little Interest In Ordering
Meanwhile, bulker contracting has stalled in the year to date. While orders for 30 Valemaxes are expected to be confirmed this year, in total only 4 bulkcarrier orders of a combined 0.3m dwt were reported in the first two months of the year. This compares to 41 units of a combined 2.8m dwt in the same period in 2015.
So, the chronically imbalanced market fundamentals have seen earnings hit record lows and the market appears to be at the bottom of the cycle. Some might assume that the only way is up, but any real recovery in the dry bulk market is likely to require a significant readjustment of supply and demand trends over a sustained period of time. Overall, the dry bulk market seems in desperate need of this kind of shift to see better days.
Source: Clarksons
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Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
Monday, 02 May 16
INDIA'S GANGAVARAM PORT SETS ALL INDIA RECORD FOR NON-COKING COAL DISCHARGE
COALspot.com: Gangavaram Port, the deepest and the most modern port in India, has created yet another historical milestone record by discharging 15 ...
Monday, 02 May 16
CS (I) 5000 GAR COAL INDEX CLOSES 0.11% HIGHER, 5700 GAR COAL RISES 0.07% W/W
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.28 percent week over week to averaging $38.78 per ton on this past Friday, acco ...
Monday, 02 May 16
FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Saturday, 30 April 16
40 YEARS OF HANDLING COAL AT THE BTW IN WILHELMSHAVEN UNDER THE RHENUS FLAG
Press Release: The first bulk carrier with coal on board docked at the Bulk Terminal Wilhelmshaven (BTW), which is operated by Rhenus Midgar ...
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- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Parliament of New Zealand
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
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