We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Tuesday, 04 August 15
SHIPPING CYCLES - A CHESS GAME YOU DON'T WANT TO LOSE - CLARKSONS
 Ingmar Bergman’s classic movie The Seventh Seal is about a knight who, during the Black Death, challenges Death to a chess match, in the hope that while the game continues he can put off his demise. This grim epic could be seen as a metaphor for the daunting progress through long shipping cycles, as one risk-laden move in the toxic chess game follows another.
August 2007 – The Game Starts
Today’s cycle started eight years ago in 2007. It was an epic year. Capesize earnings averaged over $110,000/day and merchant shipbuilding investment reached a record $229 billion (excluding offshore). But there was good reason to be apprehensive. In August the first signs of the financial crisis hit Europe, as interbank investors grew paranoid about the vulnerability of their counterparties to CDO exposure, bringing Eurodollar trading to a halt. Meanwhile analysts were worried that the Chinese super-boom would peak out after the Olympic Games in 2008. So although dry bulk investors were still making money and ordering ships, the solitary chess game with destiny had already started.
Mounting A Comeback
Seven years later the chess game is still going on. The financial crisis got off to a more dramatic start than anyone anticipated. In 2008 as panic swept through financial markets and trade credit became almost unobtainable, the world economy, including China, came precariously close to meltdown. But fortunately this time the politicians eased through the crisis successfully. China mounted a heroic infrastructure programme which gave bulkers a very decent boom in 2009-10. Following this the market fluctuated, but reached decent levels in late 2011 and again in late 2013.
Not Deadly Or Distressed?
As recessions go so far the game with destiny has gone quite well. Since the end of 2007 Capesize earnings have averaged $32,300/day and the market has soaked up 490m dwt of new bulkers. In 2013, 104m dwt of bulkers were ordered. So someone in the industry believed bulkers would win their chess game.
But in 2015 the game changed. Capesize earnings averaged only $6,212/day in the first half. For the first time signs of real distress are apparent. After 8 years, dry bulk sentiment finally collapsed and bulker orders fell from 16m dwt in January 2014 to 0.05m dwt in June 2015. A helpful step towards market recovery, but it leaves the shipyards with a problem. Over the last 8 years bulkers were a third of shipyard workload (see inset pie chart). Although tankers and container ships are still being ordered, they show no sign of filling the gap left by bulkers.
Dance Macabre
So there you have it. Bulkers have finally made a meaningful move towards better times by cutting investment. But the game isn’t over yet. They still need a strong world economy and continued Chinese import growth. Meanwhile a new chess game with destiny is getting started, this time in the shipyards as they try to plug the bulker gap. Maybe the game’s not over yet. So if you want a nice relaxing summer, our advice is don’t watch The Seventh Seal.
Source: Clarksons | Hellenic Shipping News
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 28 August 15
DRY BULK SHIP OWNER OPTIMISTIC ABOUT FUTURE PROSPECTS OF THE MARKET: NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk ship owner Golden Ocean appeared optimistic on the long term prospects of the dry bulk market, mainly thanks to an expected resolution of ...
Friday, 28 August 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING AUGUST 22 ROSE FOR THE THIRD STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.5 million shor ...
Friday, 28 August 15
BANPU STRENGTHENS GROWTH PLAN
Coal Business: Asia-Pacific Synergies Increase Competitiveness for Premium Export Market.
Banpu Public Company Limited (BANPU) strengthens its ...
Thursday, 27 August 15
RATES FOR CAPES REMAINED ON A FREE FALL LAST WEEK - INTERMODAL
COALspot.com: Keeping everyone on their toes with the volatility seen in August, the Dry Bulk market undoubtedly remains a steady provider of chall ...
Wednesday, 26 August 15
MARKET INSIGHT - STRATOS TINIAKOS
It’s always interesting to comment on the market when big economies around the world are facing troubling times. Following the collapse of th ...
|
|
|
Showing 2846 to 2850 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- White Energy Company Limited
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
|
| |
| |
|
