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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- The University of Queensland
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
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