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.
|
|
Friday, 07 August 15
COAL PRICE DEVELOPMENTS CAN ONLY BE DESCRIBED, SUCCINCTLY AS "OVERSUPPLY MEETS SUBDUED DEMAND" - VDKI
Coal Outlook 2015 – International
Regarding the outlook for global coal trading, two questions arise: firstly, “ whether the years of ...
Friday, 07 August 15
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 528.1 MMST; DOWN 8.7% Y/Y - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 06 August 15
THE RATES FOR CAPES SHOOT UP LAST WEEK; GIVING THIS RECENT RALLY SOME MUCH NEEDED LEGS - INTERMODAL
COALspot.com: The Dry Bulk market noted another positive closing last week, entirely supported by Capesize performance, which managed to balance th ...
Thursday, 06 August 15
HARD COAL AND COKE IMPORTS TO GERMANY REACH NEW ALL-TIME HIGH OF 56.2M TONES IN 2014
Demand for German and imported hard coal In 2014, in 2014 fell by almost 8%, or 4.8m TCE, to 56.2m TCE.
According to German Coal Importer ...
Thursday, 06 August 15
SEABORNE WORLD TRADE IN STEAM COAL GROWS BY 3% YOY - GERMAN COAL IMPORTER ASSOCIATION
Global trade with hard coal, at 1,272m tones in 2014, increased by 35m tonnes or 3% in comparison with the previous year.
According to associa ...
|
|
|
Showing 2881 to 2885 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Planning Commission, India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
|
| |
| |
|
