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, 03 August 15
NEWCASTLE COAL SWAPS DECLINE FURTHER THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.92 per MT (-4.22%) month over month to US$ 43.58 per mt. The swap ...
Monday, 03 August 15
CFR SOUTH CHINA COAL SWAPS SLIDE THIS WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.64 (3.14%) per MT month over month.
A commodity swap ...
Sunday, 02 August 15
CAPESIZE RATES PUSH BDI UPWARD
COALspot.com: The freight market was buoyant this week as BDI rose 4.14 pct to 1131 points. The cape index was also increased 16.50 pct 2209 points ...
Saturday, 01 August 15
DRY BULK MARKET KEEPS ITS MOMENTUM, AS OUTLOOK IMPROVES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although conditions remain more than challenging, especially from an economic point of view (aka China’s stock worries), the dry bulk market ...
Friday, 31 July 15
CAPE'S PAPER MARKET REMAINS FIRM - INTERMODAL
COALspot.com: The positive sentiment that the Dry Bulk market has been enjoying as of the previous month, was carried through last week as well, bu ...
|
|
|
Showing 2891 to 2895 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
|
| |
| |
|
