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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, 05 January 16
4200 GAR COAL INDEX FALL TOWARD $27;SLIPPED 28.05% YEAR-TO-DATE
COALspot.com: Average 5000 GAR coal index has not moved in the past week, averaging $40.12 per ton on last Thursday, according to CS (i) Coal Index ...
Monday, 04 January 16
CFR SOUTH CHINA COAL SWAP REMAIN FLAT OVER CHRISTMAS & NEW YEAR HOLIDAYS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.68 (1.64%) per ton month over month.
A commodity swap is ...
Friday, 01 January 16
FOB INDONESIA COAL SWAP FOR Q1'16 DELIVERY CLOSED AT $36.75 PER TON
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month but flat week over week.
According to AsiaClear OTC coal swap' ...
Thursday, 31 December 15
COAL PRICES FELL ON WEAK DEMAND
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 ...
Thursday, 31 December 15
2016 FOB NEWCASTLE COAL SWAP RALLY TO CLOSE AT $37.98/TON
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.48 per ton (4.05%) this past week compared to the sam ...
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- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
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