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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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Wednesday, 11 November 15
VESSEL VALUES ARE DOWN BY AT LEAST 20% SINCE MID-AUGUST - INTERMODAL
I had promised not to spend another broker’s insight focusing on the dry bulk side. However, the sale of the M/V Churchill Bulker (179,362 dw ...
Tuesday, 10 November 15
SELF-HEATING OF COAL HAS EMPHASISED THE IMPORTANCE OF CHECKING THE ACCURACY OF SHIPPER'S DECLARATIONS - GARD
Recent incidents involving self-heating of coal has emphasised the importance of checking the accuracy of shipper’s declarations for all type ...
Tuesday, 10 November 15
API 5 FOB NEWCASTLE COAL SWAP SLIDES CONTINUE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.55 per ton (8.50%) month over month to US$ 38.20 per ton. The swap ...
Monday, 09 November 15
BUNKER PRICES TO KEEP SLIDING THIS WEEK, EXPERT SAYS - MARINE BUNKER EXCHANGE
The oil price volatility has continued this week. Two dollars up one day and the next day two dollars down. The oil market has been trading on the ...
Monday, 09 November 15
CFR SOUTH CHINA THERMAL COAL SWAP FOR Q3' 16 CONTRACT DECLINED US$ 4 PER TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.35 (9.03 %) per ton month over month.
A commodity swa ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- VISA Power Limited - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
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