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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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Wednesday, 27 April 16
INDONESIAN COAL MINER KIDECO REPORTED NET PROFIT OF US$138.1 MILLION IN 2015
COALspot.com: Kideco Jaya Agung, one of the Indonesia's leading coal miners has reported net profit of US$138.1 million on revenue of US$1.65 b ...
Tuesday, 26 April 16
INDONESIA BANNED COAL EXPORTS TO PHILIPPINES BY BARGES DUE TO SECURITY CONCERN
COALspot.com: The Ministry of Energy and Mineral Resources (ESDM) on behalf of the government of Indonesia has Freeze coal exports by barges to Phi ...
Tuesday, 26 April 16
NEWBUILDING DEMAND DOWN EVERYWHERE? - CLARKSONS
Newbuild activity provides one indication of an owner country’s likely future fleet growth, though secondhand sale and purchase and demolitio ...
Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elev ...
Monday, 25 April 16
WEEKLY CS (I) COAL INDICES END ALMOST FLAT
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.05 percent week over week to averaging $38.67 per ton on this past Friday, acco ...
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- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
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