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Monday, 16 November 15
DRY BULK MARKET: Q1' 2016 SHAPING UP TO BE A ' DISASTROUS' ONE OF PROJECTED LOWER IRON ORE IMPORTS FROM CHINA
 Over the course of the past year or so, it’s been the drop of coal imports from China, which has had a detrimental effect on the course of dry bulk freight rates. As we edge closer to the end of 2015 however, it seems that Chinese iron ore imports will follow suit and start declining, as the struggling steel industry, both in China and globally will limit iron ore seaborne trade. As such, it will take a significant net decline of the global dry bulk fleet, in order to offset this declining demand.
According to the latest weekly report from shipbroker Allied Shipbroking, “the steel market has made its way into the spot light this week, as several European states have increased the pressure on action to be taken against the excess dumping of “cheep” Chinese steel into their markets. The supply glut has been around for some time now and while global steel production has been on the decline for the most part of 2015, it seems as though the market is still out of balance and heavily over supplied”.
George Lazaridis, Head of Market Research & Asset Valuations with Allied noted that “Chinese steel production for the year up until September has been down by 2% compared to the same period last year and with China representing just over 50% of the global steel production, this is a considerable drop in the total volume. However it seems that in an effort to slow down its production more gradually over the course of the year, China has been pushing a large portion of its excess supply onto other markets, causing a drastic drop in the price of steel while hoping to retain if not increase its market share. This has hit several of the higher costs producers, especially in Europe and the U.S. The U.S. and other countries have already taken steps in order to prevent market distortions brought about by this “artificially” low priced steel from China, while pressure has been now mounting from the U.K and other E.U. member states for similar action to be taken within Europe as well”.
He added that “with the Chinese steel industry already noting a strong decline this year and with trade restrictions now looking likely to push it into further decline, it looks as though we will likely see a drop in trade not only for finished steel products out of China but also in imports of both Iron ore and coking coal, with both these imports being the main trades for the Capesize sector. A key point to note here is that despite the slowdown in steel production this year, China has still managed to keep iron ore imports on the rise, using the opportunity of the currently low commodity prices to not only lower the average price of the stockpiles it held, but also increase the total volume of those stockpiles in order to hedge any future upward shift in price. This has translated into an estimated 2% increase in the volume of iron ore imported into China since the beginning of the year. The issue is that this rise has proved to be grossly inadequate in keeping the freight market for Capes buoyant. The big losses in the volume of seaborne coal trade has proved costly and with less vessels now actively involved in carrying coal to China there has been an increase in available tonnage competing for the same amount of iron ore cargoes. What makes this even more dramatic is that it has been done despite the fact that the total capesize fleet has remained overall on par in terms of vessel numbers with what it was in the final quarter of 2014”. Lazaridis noted.
As such, “taking this into account and with expectations now for a further slowdown in steel production (the level of which will obviously be dependent on the severity of any new trade restrictions brought about in the market) this will surely detriment things further, something that will likely be reflected in the first quarter of 2016 which is seasonally a low point in the market. Couple this with the fact that demand for industrial commodities such as steel is not showing any potential for strong growth, as demand from major economies such as China, Europe and the U.S. has been in decline, it looks as though the Capesize market still has a considerably large re-balancing act to make moving forward and although the orderbook currently stands at 240 vessels (equivalent to 16% of the current fleet) the number of vessels which are 20 years old or over are only 116 “, Allied’s analyst concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Sunday, 06 December 15
DRY BULK MARKET ON REVERSE MODE, SET TO BREAK NEW ALL-TIME LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been the negative “star” of the shipping industry for quite some time. In fact if it wasn’t for the boomi ...
Sunday, 06 December 15
DESPITE TEMPTING NEWBUILDING PRICES, CONTRACTING IN DRY BULK REMAINS LOW - BIMCO
The current newbuilding prices for dry bulk ships has dropped so much that they just passed the lows of 2012 heading downwards and are now at the l ...
Friday, 04 December 15
FOB INDONESIA COAL SWAPS ARE ALMOST FLAT OVER WEAK DEMAND
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and rose slightly week over week. Coal prices seen very margi ...
Friday, 04 December 15
COAL PRODUCTION IN THE U.S. FOR W/E NOVEMBER 28TH FELL SLIGHTLY FROM THE PREVIOUS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 15.0 million shor ...
Friday, 04 December 15
MINING OUTLOOK WEAKENS FURTHER ON FALLING CHINESE DEMAND - FITCH
COALspot.com: Fitch Ratings' outlook for the global mining sector in 2016 is firmly negative, reflecting our view that Chinese demand will cont ...
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- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
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