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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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Monday, 18 May 15
FOB NEWCASTLE COAL SWAPS SCORE MONTHLY GAINS
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.87 per MT (1.99%) month over month and lost US$ 0.03 week on w ...
Monday, 18 May 15
Q1' 16 API 8 CFR SOUTH CHINA COAL SWAP CLOSED HIGHER THAN Q3' 15 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery up US$ 1.05 (2.10%) per MT month over month and US$ 0.53 (1.05%) pe ...
Sunday, 17 May 15
INDONESIA - INDIA FREIGHTS RATES EXPECTED TO FLAT TO SOFT NEXT WEEK
COALspot.com: The BDI was up by 10.45% and closed at 634 points week on week, while the Cape index saws big jump or up almost 55% for the same peri ...
Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transit ...
Friday, 15 May 15
COAL PRODUCTION IN U.S DOWN 1.4 MILLION TONS FOR THE WEEK ENDING MAY 8
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.0 million short ...
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- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- White Energy Company Limited
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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