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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, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
Wednesday, 11 March 15
RICHARDS BAY COAL SWAPS DROP $ 3.65 - 4.0/T W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and week on week.
The Q2 swap has fell US$ ...
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- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- PTC India Limited - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- The University of Queensland
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Deloitte Consulting - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
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