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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, 15 January 16
FOB INDONESIA COAL SWAPS FIRM SLIGHTLY LAST WEEK
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month over month and week over week.
According to AsiaClear OTC coal swap's r ...
Friday, 15 January 16
SHIPPING: 2016 STARTED WITH MISERY ACROSS THE BOARD FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As one would have expected, the dry bulk market starter the new year where it left off in 2015, plunging to never seen before depths, as the market ...
Friday, 15 January 16
U.S. WEEKLY COAL PRODUCTION ROSE ACROSS ALL BASINS: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 14 January 16
FOB RICHARDS BAY COAL SWAP FOR Q3 DELIVERY CLOSED $5.90 LOWER THAN Q1 PRICE
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coal ...
Wednesday, 13 January 16
U.S. COAL PRODUCTION DECLINED BY 109 MMST IN 2015; COAL EXPORTS DECREASED 21% Y-O-Y
COALspot.com: U.S. coal production declined by 109 million short tons (MMst) (11%) in 2015, the largest decline ever recorded, says EIA.
The 2 ...
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- Trasteel International SA, Italy
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- The University of Queensland
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
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