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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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Tuesday, 01 December 15
TANKERS VERSUS BULKERS - JUST PLAYING CATCH UP? - CLARKSONS
It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000 ...
Monday, 30 November 15
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
ASSOCARBONI is in favour of an international mechanism to provide financial support to countries building high efficiency low emission coal plants. ...
Monday, 30 November 15
CS 5000 GAR COAL INDEX FIRM D-O-D; WEAK W-O-W
COALspot.com: The 5000 GAR CS (i) coal index up slightly day over day.
According to the system generated index, the CS 50 (5000 GAR coal) was ...
Monday, 30 November 15
CFR SOUTH CHINA COAL SWAPS REMAINED UNCHANGED FROM LAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.50 (9.78%) per ton month over month.
A commodity swap ...
Sunday, 29 November 15
CAPE INDEX SURGES 383 POINTS WEEK OVER WEEK, BOOSTS BALTIC DRY INDEX
COALspot.com: The Baltic Dry Index, a measure of shipping rates, fell to 498 points on 20 November and touched a 30-year low, but on 27 November th ...
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- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Minerals Council of Australia
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Australian Coal Association
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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