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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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Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
Wednesday, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
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