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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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Friday, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
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- Siam City Cement - Thailand
- Australian Coal Association
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
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