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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, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
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