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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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Tuesday, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
Tuesday, 14 April 15
SUB-BIT FOB INDONESIA COAL SWAPS FOR Q4 DELIVERY CRASHES THROUGH $44
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.25 (4.77%) ...
Monday, 13 April 15
Q2 FOB NEWCASTLE COAL SWAP CLOSED AT $45.28 PMT; DECLINED 7.50% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.67 per MT (-7.50%) month over month and US$ 0.39 week on wee ...
Monday, 13 April 15
Q4 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 50.97
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.50 (-8.05%) per MT month over month and US$ 0.12 (-0 ...
Sunday, 12 April 15
INDONESIA TO INDIA FREIGHT RATE IS EXPECTED TO BE SOFT
COALspot.com: The freight market was steady, however the BDI was declined slightly week over week.
BDI dropped 1.36 pct and closed at 580 poin ...
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Showing 3076 to 3080 news of total 6871 |
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- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
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