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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, 06 May 15
COMBINATION OF HOLIDAYS AND A SHAKY MARKET PUT ADDITIONAL PRESSURE ON RATES
COALspot.com: The combination of holidays and a shaky market is always a recipe for additional pressure on rates and last week was no exception. Wi ...
Wednesday, 06 May 15
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
The first four months of 2015 are now behind us and they make up for a decent amount of time to look back and assess how the year is evolving so fa ...
Tuesday, 05 May 15
MIFA BERSAUDARA UNIT OF ABM INVESTAMA STARTS OPERATING $200M COAL MINE IN ACEH
Reswara Minergi Hartama, a coal mining unit of coal miner ABM Investama known as known as Reswara, inaugurated a $200 million integrated coal minin ...
Tuesday, 05 May 15
FREIGHT DERIVATIVE VOLUMES REACHED TOTALED 14,154 CONTRACTS IN APRIL - SGX
COALspot.com: “Our unique suite of freight and bulk commodity products provides market participants with a wide range of trading strategies a ...
Tuesday, 05 May 15
OVERSUPPLY PUTTING INDONESIAN COAL PRICES UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q3 2015 lost week over week and month on month, this past week.
The Q3 swap was declined US$ 1 ...
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- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- The University of Queensland
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
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