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Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
 Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off were hard to believe. In those days China’s total imports were below 400mtpa and the ore trade had been sluggish for a decade. But even the most bullish forecasters were way below target and in 2014 seaborne iron ore imports jumped 15% by 119mt to 914mt.
Ironing Out The Bumps
This was more than total Chinese seaborne imports which only grew by 65mt in 2014. Coal and metal imports both fell sharply, and the resulting 3% rise was the lowest since the Asia crisis in 1998. So dry bulk should say a very big thank you to Chinese iron ore importers for keeping some water under the hull.
Economic Discomfort
The problem now facing analysts is that the 2014 growth of iron ore imports does not appear to hang together with the rest of the steel economy. Construction slowed and shipbuilding output fell 14%. Overall steel demand decreased 3%, which makes the reported 1% growth in steel output look high. The real driver of import growth was a surge in low-cost ore production by major Australian miners, forcing out higher-cost mines in China and elsewhere. But estimates of the impact on domestic Chinese iron ore production vary, and official statistics suggest total output growth of 4%. Even after accounting for the falling grade of domestic ore, the figures don’t quite fit together.
Inscrutable Statistics
What’s going on? It’s a crucial question. Under-reporting of steel production could be a factor, and historical data has been revised up before. The 50% drop in iron ore prices last year may have led to stock building across the supply chain, or impacted domestic output to a greater extent than reported. Either way, it is clear that steel exports have surged, while strong Australian ore output depressed prices and kept Chinese imports firm.
Market Consequences
The worry for the dry bulk market is if Chinese demand falls enough to dampen imports. There are legitimate concerns that the construction and infrastructure programs which drove the steel industry over the last decade are facing serious problems. One issue is that the financial foundation of this growth is looking shaky. The debt to GDP ratio has risen sharply since 2010, much of it “back door debt” arranged by the provinces. As one leading economist put it at a conference in Long Beach California this week, “no country has ever escalated debt on this scale without something happening”. He thought the options are a crisis or a decade of slow growth.
Troublesome Times?
So there you have it. Thanks to Chinese steel, in the 2000s the bulker market enjoyed the biggest boom in history. Whatever the position over the debt mountain, readjusting the capital side of the economy will take time. A positive response is that we’ve been worrying about Chinese trade for the last 5 years – somehow the accident never happened, and there’s more low-cost mine expansion underway. Will our star performer continue to ride its luck? Time will tell. Have a nice day.
Source: Clarksons | Hellenic Shipping News
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Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
Wednesday, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within t ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, w ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
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- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- White Energy Company Limited
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
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