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Friday, 29 May 15
DRY BULK MARKET IS THE VICTIM OF A SHIFT IN DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 The fall in dry bulk freight rates is attributed, in large part, to the substantial decrease of China’s thermal coal imports, a major commodity trade in the past, combined with the large supply base of dry bulk carriers, in need of employment. At the same time, as shipbroker Allied Shipbroking pointed out in its latest weekly analysis, the rise of new markets for coal, such as India, isn’t happening as fast as the market needs to recover.
Allied noted that thermal coal was plagued “by an increasing amount of strict environmental policies on a global scale and a rapid drop in prices of competing fuels, in effect seeing its seaborne trade sag ever since mid-2013. The main country which has influenced this drop in demand has been China, which has taken a strict approach on curbing its consumption, in an effort to overturn the level of air pollution in its major cities. Yet as things looked to be in their most dire, we have started to see a new giant emerge amongst the major thermal coal imports. India has rapidly taken up the role of bringing up the market, wishing to take advantage of this excess supply that has become available in the market and at the same time feeding its growth needs with this relatively cheap energy source”.
George Lazaridis, Head of Market Research & Asset Valuations with Allied Shipbroking noted that “as things stand now, India is set to see an 11% increase in its imports, rising from 180 million tonnes in 2014 up to a forecast of around 200 million tonnes for 2015 according to statements by consultancy group Venerable Energy Solutions. Things look even more optimistic as expectations are now for a rise in India’s imports of thermal coal of up to 250 million tonnes within the next 3-4 years based on the current domestic supply situation as well as its growing consumption levels. This is an equivalent of an increase of around 39% from its 2014 levels, something which would not only make it the world’s largest importer of thermal coal but a main driver in demand for thermal coal’s seaborne trade. This is not even the most bullish of estimations being thrown around in the market, with commodities trader Glencore having put a forecast for India’s thermal coal imports to rise up to 300m tonnes by 2020. While some may see these as fairly optimistic forecasts, especially as rumours circulate of an enhanced availability of domestically sourced coal and a gradual cutting back of India’s reliance on thermal coal as well, there might be some truth in the more imminent market prospects as its demand will certainly dictate a strong growth rate up until 2017″, he noted in his analysis.
Meanwhile, “at the other end of the spectrum you have China, a country which has already cut back on in its imports since 2013, making an immediate effect with its absence which was especially well noted via dry bulk freight rate conditions in the Pacific basin. This trend has shown to continue at an equal magnitude this year, with Chinese imports already set to close at an annual decline of over 23% (or equivalent to 52 million tonnes from the 229 million tonnes imported in 2014 according to the International Energy Agency). This still leaves a market wanting, as the math still indicates to a combined import volume that is notably weaker than that of 2014. At the same time, and although India’s demand is set to strengthen, China’s demand for thermal coal imports is expected to continue its sharp drop over the coming years, leaving the market with an ever increasing gap to fill”, Lazaridis said.
He concluded his argument by noting that “the positive side to see is that China’s retreat on some of the major trading dry bulk commodities is already starting to be countered by the new and upcoming behemoths of economic growth. On the negative side, the transition is not happening nearly as fast as would be needed to keep the freight market buoyant and although new trade matrices might benefit the overall tonne-mile demand, all indications continue to point to a slower pace in growth in demand for these major dry bulk commodities”.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 29 May 15
SOUTH KOREAN STATE-OWNED UTILITY KOREA MIDLAND POWER INVITES BIDS FOR 780K MT OF COAL FOR H2' 15
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 780K Metric Tons (MT) of HCV and LCV ...
Thursday, 28 May 15
TIMEBAR FOR DEMURRAGE CLAIMS - SKULD
KNOWLEDGE TO ELEVATE
English law has traditionally had a strict approach to contractually agreed time bars between commercial parties as well ...
Wednesday, 27 May 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Earlier in the year I looked at how the market was reacting to the prolonged fall of the price of oil. Back then it was still unclear if the fallin ...
Tuesday, 26 May 15
HOW HAS THE DROP IN OIL PRICES AFFECTED OTHER COMMODITIES? - CLYDE & CO
KNOWLEDGE TO ELEVATE
The effects of the dramatic drop in the price of both Ice March Brent, the international oil marker, and its US counterpa ...
Tuesday, 26 May 15
MINING ASSOCIATION PERHAPI PUSHES FOR 35,000 MEGAWATT ELECTRICITY PROGRAM - JG
The Indonesian Mining Professionals Association, or Perhapi, has announced its support for a 35,000-megawatt national electricity program, saying i ...
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- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- PTC India Limited - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
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