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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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Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
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- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
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- Madhucon Powers Ltd - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
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- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
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- Tata Chemicals Ltd - India
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- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
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- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
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- White Energy Company Limited
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- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
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- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Indogreen Group - Indonesia
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- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
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- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
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- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
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- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
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- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
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