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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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Sunday, 05 April 15
FREIGHT RATES UNDER PRESSURE WEEK OVER WEEK
COALspot.com: The Indices fell on all segments and the market seemed to soften this week.
The BDI was almost lost 1.34% week over week and clo ...
Saturday, 04 April 15
BORYEONG POWER OF KOMIPO TO BUY TOTALED 695K MT OF HIGH AND LCV COAL
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 500000 Metr ...
Friday, 03 April 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.3 million short ...
Friday, 03 April 15
TOBA BARA'S PANDU SJAHRIR ELECTED AS NEW CHAIRMAN OF THE INDONESIAN COAL MINING ASSOCIATION
COALspot.com: Pandu Sjahrir, the Vice President Director & CFO of the Jakarta-listed PT Toba Bara Sejahtra — a subsidiary of PT Toba Seja ...
Thursday, 02 April 15
GOVERNMENT MUST WORK WITH MINING, NOT AGAINST IT - PANDU SJAHRIR
The Coal Face: The coal price has hit its lowest point in recent memory
My father used to say to me that his children are his biggest inv ...
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- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
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- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
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