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 $6,212/day in the first half. For the first time signs of real distress are apparent. After 8 years, dry bulk sentiment finally collapsed and bulker orders fell from 16m dwt in January 2014 to 0.05m dwt in June 2015. A helpful step towards market recovery, but it leaves the shipyards with a problem. Over the last 8 years bulkers were a third of shipyard workload (see inset pie chart). Although tankers and container ships are still being ordered, they show no sign of filling the gap left by bulkers.
Dance Macabre
So there you have it. Bulkers have finally made a meaningful move towards better times by cutting investment. But the game isn’t over yet. They still need a strong world economy and continued Chinese import growth. Meanwhile a new chess game with destiny is getting started, this time in the shipyards as they try to plug the bulker gap. Maybe the game’s not over yet. So if you want a nice relaxing summer, our advice is don’t watch The Seventh Seal.
Source: Clarksons | Hellenic Shipping News
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 05 May 15
FOB RICHARDS BAY COAL SWAPS MOVE NORTH THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Monday, 04 May 15
FOB NEWCASTLE COAL SWAP Q1'16 PRICES SLIGHTLY LOWER COMPARED TO Q3'15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery gained US$ 1.38 per MT (3.12%) month over month and US$ 0.93 week on week. ...
Monday, 04 May 15
Q1' 2016 CFR SOUTH CHINA THERMAL COAL SWAP CLOSED HIGH THAN 2015 DERIVATIVES
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.15 (-0.29%) per MT month over month and increased US$ 0.07 ...
Sunday, 03 May 15
DRY BULK INDICES WEAKEN SLIGHTLY THIS WEEK
COALspot.com: The freight market was flat to weak for the week starting from 27 April. The BDI was fell around 2.17% closed at 580 points.
...
Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of bel ...
|
|
|
Showing 3041 to 3045 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- The Treasury - Australian Government
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- PTC India Limited - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
|
| |
| |
|
