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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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Wednesday, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
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- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Australian Coal Association
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
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