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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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Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a pot ...
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- SMC Global Power, Philippines
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- The University of Queensland
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
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