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Monday, 11 May 15
DRY BULK CARRIER ORDERS CRASH TO A TWENTY YEAR LOW - CLARKSONS
 In the last four months dry bulk orders have fallen to 0.4m dwt per month, the lowest level since the 1990s. This is a massive 98% reduction from the 23m dwt peak in orders in December 2007, and probably the sharpest decline in recent decades. Not really a surprise in a market where Capesize bulkers are struggling to earn $4,000/day, but a timely relief to investors with ships on the order book.
Investment Fever
This investment collapse marks the end of a remarkable phase of bulk carrier history. During the last decade, 724m dwt of new bulkers have been ordered, around 70m dwt/year. Just to put that in perspective, during the previous decade ordering averaged about 20m dwt/year.
The 5 years from 1996 to 2001 were disappointing to investors, who ordered only 1.2m dwt/month. At the time this was seen as normal, and included a spike in 1999, when investors snapped up Panamax bulkers for $19-$22m. These were probably the most profitable bulkers ordered in the industry’s post-war history. Upon delivery they sailed straight into the bulk shipping boom. Proof that “crazy investors” are not always crazy.
Softly, Softly
The next phase from 2002 to November 2006 was quite restrained, considering the rise in freight rates. Ordering edged up, averaging 2.8m dwt/month. As earnings eased in 2006, many assumed the boom was over, but they were wrong and what happened next was unprecedented. As earnings escalated owners threw caution to the wind, and the big bulker cash machine drew investors from outside shipping. In December 2007, ordering peaked at 23m dwt, and in 2007 to 2014, investment averaged 6.8m dwt/month (81m dwt/year), an astonishing number for a period mostly in global recession.
Carry On Investing
Despite the onset of the global downturn in 2008, two more bulker investment spikes followed in 2010 and 2013. With surplus bulker capacity, and China’s growth engine easing off, it’s hard to explain this investment on strictly economic grounds. Easier, perhaps, to understand the change in expectations. The memory of spectacular bulker earnings had been fresh in the minds of some investors, but a decade later and that dream is fading.
The collapse in bulkcarrier investment is a particular problem for shipyards. Many builders in China and Japan surfed the wave of bulkcarrier investment and bulkers still account for around half of tonnage on order globally. In today’s sluggish world economy, that is going to be a difficult gap to fill. The fact that bulker prices are around 5% down this year, and ordering has virtually stopped tells its own story.
Big Bulker Investment Boom
So there you have it. The spectacular run of dry bulk investment which kicked off in early 2003 has finally ended. Then China’s imports were growing at 27% a year, a big difference from the 3% growth in 2014. This is disappointing, but as serious shipping investors know, in good markets and bad, there’s still an awful lot of cargo that has to be moved around the world – it’s just a matter of who moves it.
Source: Clarksons | Hellenic Shipping News
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Friday, 22 May 15
FOB INDONESIA COAL Q3'15 SWAP FINISHED THE WEEK UP 38 CENTS TO $43.65 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains week over week and lost month on month, past week.
The Q3 swap was declined US$ ...
Friday, 22 May 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT AT 16 MMST
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
Thursday, 21 May 15
PORT OF NEWCASTLE ACHIEVED ITS BEST EVER TOTAL COAL EXPORT TURNOVER OF 159 MILLION TONS IN 2014
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $900 million ...
Thursday, 21 May 15
ATLANTIC PANAMAX MARKET STARTED TO IMPROVE SLOWLY - INTERMODAL
COALspot.com: The Dry Bulk market closed off the week on the green last week, purely on the back of improved Capesize performance, while the rest o ...
Wednesday, 20 May 15
LOWER PRICES SEEN IN NEWBUILDING MARKET ON LOW DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Cash-rich ship owners, or at least, owners with substantial access to financing will be among the prime candidates, who will reap the benefits of t ...
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- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- The University of Queensland
- VISA Power Limited - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
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