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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, 11 May 15
CFR SOUTH CHINA COAL SWAP: DECLINED MOM AND WOW
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.46 (-0.90%) per MT month over month and US$ 0.28 (0. ...
Monday, 11 May 15
KOREA MIDLAND POWER INVITES BIDS FOR 140K MT OF 4600 NAR COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued a new tender to buy total 140,000 Metric Tons (MT) of Sub-bitumi ...
Sunday, 10 May 15
FREIGHT RATES TO REMAIN SOFT NEXT WEEK
COALspot.com: The freight market was flat to soft week over week except for the Cape Index which was up 7.32%. Cape index was closed at 616 p ...
Friday, 08 May 15
BUSIEST CAPESIZE DEMOLITION MARKET EVER - BIMCO
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage.
The dry bulk market has long suffered f ...
Friday, 08 May 15
COAL PRODUCTION IN U.S. UP 3.2% THIS PAST WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
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- Sojitz Corporation - Japan
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
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- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
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- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
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- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
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- Vijayanagar Sugar Pvt Ltd - India
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- Mjunction Services Limited - India
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- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
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- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
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- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
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- Global Green Power PLC Corporation, Philippines
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- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
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