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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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Friday, 27 March 15
INDONESIA: NEW REGULATION REQUIRES LETTER OF CREDIT FOR EXPORT OF PRODUCTS FROM NATURAL RESOURCES
The Minister of Trade issued Ministerial Regulation No. 04/M-DAG/PER/1/2015 (“Regulation No. 4/2015”) on 5 January 2015. Regulati ...
Friday, 27 March 15
WEEKLY U.S COAL OUTPUT FALLS 1.7% W-W; 7.9% Y-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately totaled an estimated 18.2 million ...
Thursday, 26 March 15
CHINA IRON ORE IMPORT FOR THE FIRST 2 MONTHS DECLINED BY 1.2 % Y-O-Y; PANAMAX AUSSIE/CHINA ROUNDS BEING FIXED IN THE $4 -5K RANGE - FEARNLEYS
Handy
There has been more activity in both hemispheres this week. Especially the USG market has picked up with more cargoes for prompter dates en ...
Thursday, 26 March 15
RATES FOR THE SMALLER SIZE SEGMENT CONTINUED TO IMPROVE LAST WEEK - INTERMODAL
To see green across the board is a rare occurrence in the Dry Bulk market nowadays and while the upside in which last week closed off is not of the ...
Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
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- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- London Commodity Brokers - England
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- VISA Power Limited - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
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