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.
|
|
Monday, 24 August 15
IS CHINA'S STEEL EXPORTS ENOUGH TO SUPPORT THE FREIGHT MARKET? - BIMCO
No, it’s not enough, you will need lower Chinese iron ore production too in order to keep growing imports of iron ore into China that will su ...
Sunday, 23 August 15
SHIPPING FREIGHT RATES FALL SHARPLY ON EXCESS SUPPLY AND LOW DEMAND
COALspot.com: The BDI continued to soften and was down 5.78 pct and falls back below 1000 points this week.
The cape Index lost 17.25 per cent ...
Friday, 21 August 15
U.S. YEAR-TO-DATE COAL PRODUCTION VOLUME FALLS 8.7% Y-O-Y
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.3 million shor ...
Friday, 21 August 15
GLOBALCOAL TO LAUNCH ONLINE TRADING OF PHYSICAL MET COAL ON 13 OCTOBER
On 13 October 2015, globalCOAL will launch an online platform for the physical procurement and trade of high quality hard coking coal delivered FOB ...
Thursday, 20 August 15
COAL PRICES FALL TO 12-YEAR LOWS AS CHINA, INDIA JOIN DEMAND SLOWDOWN - REUTERS
Coal futures have fallen to 12-year lows, hit by soaring production and a slowdown in global buying, including from India and China which until rec ...
|
|
|
Showing 2856 to 2860 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Australian Coal Association
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
|
| |
| |
|
