We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Tuesday, 04 August 15
SHIPPING CYCLES - A CHESS GAME YOU DON'T WANT TO LOSE - CLARKSONS
 Ingmar Bergman’s classic movie The Seventh Seal is about a knight who, during the Black Death, challenges Death to a chess match, in the hope that while the game continues he can put off his demise. This grim epic could be seen as a metaphor for the daunting progress through long shipping cycles, as one risk-laden move in the toxic chess game follows another.
August 2007 – The Game Starts
Today’s cycle started eight years ago in 2007. It was an epic year. Capesize earnings averaged over $110,000/day and merchant shipbuilding investment reached a record $229 billion (excluding offshore). But there was good reason to be apprehensive. In August the first signs of the financial crisis hit Europe, as interbank investors grew paranoid about the vulnerability of their counterparties to CDO exposure, bringing Eurodollar trading to a halt. Meanwhile analysts were worried that the Chinese super-boom would peak out after the Olympic Games in 2008. So although dry bulk investors were still making money and ordering ships, the solitary chess game with destiny had already started.
Mounting A Comeback
Seven years later the chess game is still going on. The financial crisis got off to a more dramatic start than anyone anticipated. In 2008 as panic swept through financial markets and trade credit became almost unobtainable, the world economy, including China, came precariously close to meltdown. But fortunately this time the politicians eased through the crisis successfully. China mounted a heroic infrastructure programme which gave bulkers a very decent boom in 2009-10. Following this the market fluctuated, but reached decent levels in late 2011 and again in late 2013.
Not Deadly Or Distressed?
As recessions go so far the game with destiny has gone quite well. Since the end of 2007 Capesize earnings have averaged $32,300/day and the market has soaked up 490m dwt of new bulkers. In 2013, 104m dwt of bulkers were ordered. So someone in the industry believed bulkers would win their chess game.
But in 2015 the game changed. Capesize earnings averaged only $6,212/day in the first half. For the first time signs of real distress are apparent. After 8 years, dry bulk sentiment finally collapsed and bulker orders fell from 16m dwt in January 2014 to 0.05m dwt in June 2015. A helpful step towards market recovery, but it leaves the shipyards with a problem. Over the last 8 years bulkers were a third of shipyard workload (see inset pie chart). Although tankers and container ships are still being ordered, they show no sign of filling the gap left by bulkers.
Dance Macabre
So there you have it. Bulkers have finally made a meaningful move towards better times by cutting investment. But the game isn’t over yet. They still need a strong world economy and continued Chinese import growth. Meanwhile a new chess game with destiny is getting started, this time in the shipyards as they try to plug the bulker gap. Maybe the game’s not over yet. So if you want a nice relaxing summer, our advice is don’t watch The Seventh Seal.
Source: Clarksons | Hellenic Shipping News
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 09 September 15
FOB INDONESIA COAL SWAP LOSE GROUND ON SLOWING DEMAND
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 1.92 (-4.52%) per t ...
Tuesday, 08 September 15
FOB RICHARDS BAY COAL SWAPS CONTINUE TO SHOW DECLINING TREND
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Tuesday, 08 September 15
GANGAVARAM PORT IN INDIA DISCHARGES RECORD 112,599 MT OF STEAM COAL IN 24 HOURS
COALspot.com: Gangavaram Port, an all weather, multipurpose port with water depth up-to 21 meters, capable of handling fully laden Super Cap ...
Monday, 07 September 15
THE MINE OF THE FUTURE WILL HAVE ONLY TWO EMPLOYEES, A MAN AND A DOG - SCOTT MCGOWAN
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Scott Mcgowan, Director, Global ...
Monday, 07 September 15
FOB NEWCASTLE COAL SWAP FOR Q2' 16 DELIVERY CLOSED US CENTS 25 LOWER COMPARED TO Q4' 15
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.73 per MT (-1.68%) month over month to US$ 42.65 per mt. The sw ...
|
|
|
Showing 2826 to 2830 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Planning Commission, India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
|
| |
| |
|
