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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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Wednesday, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within t ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, w ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Tuesday, 24 March 15
A WEAK WEEK FOR FOB INDONESIA COAL SWAP
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 2.48 (5.12%) month ...
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- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- The University of Queensland
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- PTC India Limited - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Bhatia International Limited - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
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