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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, 13 May 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The EU governments in an effort to face their economic crisis individually are facing lack of political cohesion. This reflects back to each econom ...
Tuesday, 12 May 15
FOB INDONESIA COAL SWAP; DECLINED M-O-M AND W-O-W
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 0 ...
Tuesday, 12 May 15
FOB RICHARDS BAY COAL SWAPS: LOST W-O-W; GAIN M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and decreased week over week.
The Q3 swap h ...
Monday, 11 May 15
HBA PRICE DIPS FURTHER; LOWEST RECORDED SINCE JANUARY 2009
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal benchmark prices to US$ 61.08 per MT in May ...
Monday, 11 May 15
API 5 FOB NEWCASTLE COAL SWAP; INCREASED M-O-M; DECLINED W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 0.62 per MT (1.41%) month over month and lost US$ 0.88 week on w ...
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Showing 3026 to 3030 news of total 6871 |
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- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- The University of Queensland
- Africa Commodities Group - South Africa
- Australian Coal Association
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
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