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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, 07 January 16
FOB NEWCASTLE COAL SWAPS DELIVERY Q1'16 REMAIN FLAT W-O-W; UP M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.23 per ton (3.35%) this past week compared to the sam ...
Thursday, 07 January 16
SHIPPING WILL REMAIN VOLATILE AND INDISPENSABLE IN 2016 - MOORE STEPHENS
The ultimate definition of an optimist has been characterised as an accordion player with an answerphone. Such extreme optimism might be difficult ...
Wednesday, 06 January 16
NEW COAL PRICE PASS-THROUGH REGULATION BENEFITS CHINA IPPS - FITCH RATINGS
Fitch Ratings says the new Coal Price Pass-through Mechanism announced by the National Development and Reform Commission (NDRC) on 31 December ...
Tuesday, 05 January 16
BIG COAL MINERS PLAN HIGHER PRODUCTION THIS YEAR - THE JAKARTA POST
The country’s major coal miners plan to further boost production in 2016 although analysts estimate that an oversupply in the world’s c ...
Tuesday, 05 January 16
THE SHIPPING MARKET IN 2015 AND LOOKING FORWARD - BIMCO
Global economy: menacing clouds in the sky cast a shadow on global economic developments 2015 never really took off, even though the global economi ...
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- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Minerals Council of Australia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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