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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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Sunday, 31 January 16
BDI CONTINUED ITS FALL AND CLOSE AT A FRESH RECORD LOW ON FRIDAY
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertilizer, continued it ...
Friday, 29 January 16
INDONESIAN BENCHMARK COAL PRICE SETTLES DOWN $ 0.31, OR 0.58%, AT $ 53.20 A TON
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further down in January 2016. HBA has slumped by 0.58 ...
Friday, 29 January 16
U.S. COAL PRODUCTION OFF 2 PERCENT FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 milli ...
Thursday, 28 January 16
COAL REMAINS THE NO.1 FUEL FOR POWER GENERATION - EXXONMOBIL
COALspot.com: Energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different tr ...
Thursday, 28 January 16
WHAT ARE THE PROSPECTS FOR COAL IN LIGHT OF THE PARIS CLIMATE AGREEMENT? - GERMAN COAL IMPORTERS ASSOCIATION
This depends – says the VDKi – to a very great extent on who you want to believe more, the United Nations or the International Energy A ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Heidelberg Cement - Germany
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