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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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Friday, 22 January 16
WEEKLY US COAL PRODUCTION ESTIMATES ALMOST FLAT
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.3 million shor ...
Friday, 22 January 16
COAL PRICES TO REMAIN UNDER PRESSURE THIS YEAR
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week. The falling trend of prices for coal was continuing ...
Friday, 22 January 16
Q3' 16 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 40.80; DECLINE $ 2.80 M-O-M
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and decline week over week.
The Q1’ 2016 FOB Richards B ...
Wednesday, 20 January 16
Q3'16 FOB NEWCASTLE COAL SWAP CLOSED $ 2.40 LESSER THAN Q1'16 CLOSING PRICE OF $ 38.10
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $0.77 per ton (2.06%) this past week compared to the sam ...
Wednesday, 20 January 16
SHIPPING MARKET INSIGHT - NASOS SOULAKIS
If you believe in the “January effect”, the theory according to which the beginning of a new year has a positive effect on financial in ...
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- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
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- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
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- Goldman Sachs - Singapore
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- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
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- Energy Link Ltd, New Zealand
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- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
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- Electricity Authority, New Zealand
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- SMC Global Power, Philippines
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- Siam City Cement PLC, Thailand
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- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
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- Dalmia Cement Bharat India
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- Indian Oil Corporation Limited
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- Latin American Coal - Colombia
- The University of Queensland
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- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
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- Eastern Coal Council - USA
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- Economic Council, Georgia
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- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
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- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
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- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
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- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
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- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
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- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
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- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
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- Indogreen Group - Indonesia
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- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
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- Jaiprakash Power Ventures ltd
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