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