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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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Wednesday, 30 December 15
FINAL DEALS OF THE YEAR TAKING PLACE, AS SHIP OWNERS PREPARE FOR 2016 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Holidays’ investment lull has taken a grip over the newbuilding and S&P market for second hand vessels, as shipbrokers are reporting ...
Tuesday, 29 December 15
CFR SOUTH CHINA COAL SWAPS ROSE MONTH OVER MONTH
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 ...
Monday, 28 December 15
Q2' 15 U.S. STEAM COAL EXPORTS TOTALED 7.0 MMST; DOWN 16.9% FROM Q1 2015 - EIA
COALspot.com: U.S. coal production during second quarter 2015 totaled 211.1 million short tons.
According to EIA’s preliminary quarterly ...
Monday, 28 December 15
NOVEMBER NEWCASTLE COAL EXPORTS DECLINED 11.87%; THE AVERAGE PRICE OF COAL EXPORTS ROSE 1.37%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.120 billio ...
Saturday, 26 December 15
FOB INDONESIA COAL SWAPS KEEP DROPPING
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week.
According to AsiaClear OTC coal swap's rep ...
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- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- The University of Queensland
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
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