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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, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
Monday, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-in ...
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- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
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