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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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- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- PTC India Limited - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- The University of Queensland
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Australian Coal Association
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Economic Council, Georgia
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