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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, 23 March 15
SEABORNE WORLD COAL TRADE: GROWTH +5% - GERMAN COAL IMPORTER ASSOCIATION
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Sunday, 22 March 15
DRY BULK RATES CONTINUED TO RISE THIS WEEK
COALspot.com: The freight market was steady this week as all the segments increased after many weeks of weak trend.
The Baltic Dry Index (BDI) ...
Friday, 20 March 15
HARD COAL MARKET 2014: DESPITE THE ENERGY TURNAROUND, HARD COAL IMPORTS TO GERMANY RISE BY MORE THAN 6% (PART 1)
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
Friday, 20 March 15
U.S. WEEKLY COAL PRODUCTION SHOWS 5.9% INCREASE WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.5 million short tons (mmst) of coal ...
Thursday, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
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- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
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