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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, 24 November 15
COAL PRICES SET TO REMAIN UNDER PRESSURE UNTIL 2016 DUE TO OVER SUPPLY GLUT; H1 '16 COAL SWAPS DOWN 13% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $5 per ton (12.05%) month over month to US$ 36.50 per ton. The s ...
Monday, 23 November 15
NEGATIVE 2016 OUTLOOK FOR WESTERN EUROPEAN STEEL - SAYS FITCH RATINGS
COALspot.com: European steel in 2016 are both negative for the sector and for issuer ratings.
This reflects our expectation that import levels ...
Monday, 23 November 15
DRY BULK MARKET: NET FLEET GROWTH IS SLOWING DOWN, AS SHIP OWNERS ARE LOOKING FOR WAYS TO ALLEVIATING MARKET MELTDOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been in “meltdown” mode for a few weeks now, unable to find support and avoid the fall in historical lows. As s ...
Monday, 23 November 15
CS50 COAL INDEX CLOSED AT $40.27 PER TON; FELL 0.15% FROM LAST WEEK
COALspot.com: The 5700 GAR CS (i) coal index fell by US cents 3 per ton week over week on 20 November 2015. CS 57 (5700 GAR coal) index closed at U ...
Monday, 23 November 15
CFR SOUTH CHINA COAL SWAPS FALL FURTHER ON LOW DEMAND
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 6.75 (13.99%) per ton month over month.
A commodity swa ...
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- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
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- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- The University of Queensland
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
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