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.
|
|
Wednesday, 26 August 15
2Q'16 FOB INDONESIA COAL SWAP FALLS NEARLY 4.76 PER CENT M-O-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap was declined $ 2.20 (-5.13%) p ...
Tuesday, 25 August 15
INDONESIA MINERS' NPLS TO RISE FURTHER, BANK RISKS BUILD - FITCH
The NPLs of Indonesian mine and mine services companies are likely to rise further in the short term, says Fitch Ratings, after reaching multi-year ...
Tuesday, 25 August 15
MINER'S EARNINGS DROP ON FALLING COAL PRICES; Q2'16 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 52.23 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Monday, 24 August 15
FOB NEWCASTLE COAL SWAPS HIT FRESH LOW, DIPPING BELOW $42 A TON
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 2.20 per MT (-5.01%) month over month to US$ 41.70 per mt. The swap ...
Monday, 24 August 15
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 48.65 PMT
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.89 (3.74%) per MT month over month.
A commodity ...
|
|
|
Showing 2851 to 2855 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
|
| |
| |
|
