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Saturday, 28 March 15
THE DRY BULK FLEET AT BREAKING POINT - CLARKSONS
 The severe oversupply in the bulkcarrier fleet has contributed to the current trough in the dry bulk market, putting considerable financial pressure on owners, many of whom are subject to earnings close to operating costs. This has triggered a surge in bulkcarrier demolition since the beginning of 2015. If the current rate of scrapping were to continue, there would be a clear impact on dry bulk fleet growth.
A Surge In Scrapping
Bulker demolition has surged in recent months, due to an oversupplied fleet, cooling global dry bulk trade growth and low vessel earnings. A total of 78 vessels (of a combined 5.9m dwt) were reported scrapped in the first two months of 2015, equivalent to 35% of total bulkcarrier demolition in 2014. Capesize scrapping totalled 3.3m dwt, accounting for 56% of all bulker demolition in the two month period, already equivalent to around 80% of scrapping in the sector last year. The average age at which bulker vessels were scrapped has thus fallen to below 25 years for the first time this century.
How Does It Compare?
The annual record level of bulker demolition was 33.4m dwt in 2012, coinciding with a 30% y-o-y drop in average earnings. While earnings were weak, some market indicators were considerably better than they are today. Seaborne dry bulk trade grew 7% (with 3% projected for this year) and the Baltic Dry Index averaged over 900, far above the record low of 509 reached in February 2015. In the first two months of 2015 overall bulker earnings averaged $6,545/day: around $2,000/day less than the annual average for 2012. It is therefore perhaps no surprise that demolition is surging.
The Uneven Distribution
There are several potential impacts of growth in demolition. The Chinese bulkcarrier fleet shrank in 2014, partly due to the government scrapping subsidy. The subsidy is currently set to end this year and with many of the vessels scrapped in the year to date being Chinese-owned, this could shrink the Chinese fleet further. Also, the faster pace of Handysize demolition in Q1 2015 has led the Handymax sector to consolidate its position as the largest in the dry bulk fleet in terms of vessel numbers.
An Interesting Scenario
One very important impact of the surge is the potential stemming of fleet growth. Total bulker scrapping is currently projected to increase by around 30% y-o-y, to reach 21.2m dwt in 2015. However, at the current pace of scrapping, demolition in Q1 2015 could approach a record level, and in the full year, over 35m dwt of bulkers would be scrapped, more than doubling last year’s total. This could slow growth in the bulkcarrier fleet to around 2.5% y-o-y, which would represent the slowest rate in more than a decade. In this scenario Capesize fleet growth would be limited to around 2-3%.
So demolition is surging, and could approach record levels, altering the make-up of the bulker fleet, in terms of age, the distribution across sectors and owner nationality. And whether records are broken or not this year, the increase in demolition will have a clear impact on the rate of fleet expansion.
Source: Clarksons | Hellenic Shipping News
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Monday, 20 April 15
Q4' 2015 API 8 CFR SOUTH CHINA COAL SWAP CLOSED US$ 50.28 PMT
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.03 (-7.28%) per MT month over month and US$ 0.05 (-0 ...
Sunday, 19 April 15
THE OCEAN FREIGHT MARKET SHOWED STEADY THIS WEEK
COALspot.com: The freight market was fairly steady this week. The BDI was up 2.93% to 597 points week over week. The cape index was also increased ...
Friday, 17 April 15
IHS ENERGY EUROPEAN COAL OUTLOOK CONFERENCE
Attend the IHS Energy European Coal Outlook Conference 19-20 May in Nice, France and learn about timely concerns in today’s coal industry.
...
Friday, 17 April 15
COAL PRODUCTION IN THE U.S. UP THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.0 million short ...
Thursday, 16 April 15
NEW COMMODITY SUPERHIGHWAY WILL EMERGE IN CHINA, ALTERING ENERGY TRADE FLOWS - WOOD MACKENZIE
Wood Mackenzie says that China’s Go West strategy – encouraging coastal to inland flow of capital and people - will result in the forma ...
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- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
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- Bhoruka Overseas - Indonesia
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- Bulk Trading Sa - Switzerland
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- Banpu Public Company Limited - Thailand
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- Wood Mackenzie - Singapore
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- PNOC Exploration Corporation - Philippines
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- Star Paper Mills Limited - India
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- Attock Cement Pakistan Limited
- GMR Energy Limited - India
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- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
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- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
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- Binh Thuan Hamico - Vietnam
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- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
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- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
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- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
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- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
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- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
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- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
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- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
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