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Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
 It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year so far. With a nearly constant stream of negative news continuing to emerge across each of the key dry bulk cargo sectors, it is almost as if Poseidon, the Greek god of the sea, has with his powerful trident launched a three-pronged attack.
Down To The Ocean Depths
The current depression is indeed severe. The Baltic Dry Index, a daily indicator of bulkcarrier rates, fell to its 19th consecutive record low of 317 points on 29th January. This is far below the average of 718 points in 2015, which itself was the second lowest annual average on record, and represented a year in which bulker earnings averaged around $7,000/day, little over estimated operating costs.
Surprise Attack
Of course, difficult market conditions are nothing new. Bulker earnings have been under pressure since 2011, when more than 100m dwt of deliveries kept fleet growth in double-digits. Whilst fleet growth eased to 2.4% in 2015, the slowest pace in 16 years, new demand-side pressures emerged, with dry bulk trade remaining flat last year. In Greek mythology, Poseidon’s trident had the power to cause earthquakes on earth, and there has certainly been evidence of a shake up recently. But where have each of the three prongs hit, and how sharply?
Strikes To The Core
The first earthquake is being felt in the iron ore trade, which accounts for around a third of dry bulk trade. Following rapid growth of 15% in 2014, Chinese imports eased in 2015, and expansion in iron ore trade slowed during the year (see graph). Overall, global iron ore trade is estimated to have grown by only 2% in 2015, and continued weak Chinese steel demand and the temporary closure of several major iron ore ports in January has done little to reverse this trend into 2016 so far.
The second shake up has hit trade in coal, which accounts for a quarter of dry bulk trade, very hard. Volumes declined by an estimated 5% in 2015, and the decline in volumes on the top 100 coal trade flows neared 10% y-o-y in Q3 2015, as Chinese and Indian imports fell. With several countries looking to increase reliance on clean energy sources, a major improvement in volumes seems unlikely.
Shifting The Currents
Finally, whilst the third earthquake has perhaps been less obvious than the first two, it has still had a significant impact. Growth in minor bulk trade, a diverse cargo grouping that accounts for more than a third of dry bulk trade volumes, was limited to 1% last year, owing in part to lower Chinese demand for imports of forest products, steel products, nickel ore, and various other smaller cargoes.
Stem The Tide?
So, the seas have been exceedingly stormy in the dry bulk sector. The impact from China’s economic transition is still resonating, and as yet there are few signs of an imminent improvement. As distressed conditions take their toll, hopes will be that the power of Poseidon’s trident will eventually start to ebb.
Source: Clarksons | Hellenic Shipping News
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Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
Friday, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
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- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- CNBM International Corporation - China
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- The University of Queensland
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
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