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 $6,212/day in the first half. For the first time signs of real distress are apparent. After 8 years, dry bulk sentiment finally collapsed and bulker orders fell from 16m dwt in January 2014 to 0.05m dwt in June 2015. A helpful step towards market recovery, but it leaves the shipyards with a problem. Over the last 8 years bulkers were a third of shipyard workload (see inset pie chart). Although tankers and container ships are still being ordered, they show no sign of filling the gap left by bulkers.
Dance Macabre
So there you have it. Bulkers have finally made a meaningful move towards better times by cutting investment. But the game isn’t over yet. They still need a strong world economy and continued Chinese import growth. Meanwhile a new chess game with destiny is getting started, this time in the shipyards as they try to plug the bulker gap. Maybe the game’s not over yet. So if you want a nice relaxing summer, our advice is don’t watch The Seventh Seal.
Source: Clarksons | Hellenic Shipping News
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 17 August 15
INDONESIAN THERMAL COAL REFERENCE PRICE HITS RECORD LOW AGAIN!
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.14 per MT fo ...
Monday, 17 August 15
CFR SOUTH CHINA COAL SWAPS CONTINUE TO HEAD SOUTH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US cents 40 (1.05%) per MT month over month.
A commodi ...
Sunday, 16 August 15
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO STEADY NEXT WEEK
COALspot.com: The BDI softened 12.08 per cent to 1055 points this week due to weakening of cape index which was fell 25 per cent week over week to ...
Friday, 14 August 15
FOB INDONESIA COAL SWAP SHOWING NO MOVEMENT THIS PAST WEEK
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week, this past week.
The 4Q swap was declined $ ...
Friday, 14 August 15
U.S. COAL PRODUCTION UP 2.9 PER CENT THIS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.2 million shor ...
|
|
|
Showing 2866 to 2870 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
|
| |
| |
|
