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Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
 It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year so far. With a nearly constant stream of negative news continuing to emerge across each of the key dry bulk cargo sectors, it is almost as if Poseidon, the Greek god of the sea, has with his powerful trident launched a three-pronged attack.
Down To The Ocean Depths
The current depression is indeed severe. The Baltic Dry Index, a daily indicator of bulkcarrier rates, fell to its 19th consecutive record low of 317 points on 29th January. This is far below the average of 718 points in 2015, which itself was the second lowest annual average on record, and represented a year in which bulker earnings averaged around $7,000/day, little over estimated operating costs.
Surprise Attack
Of course, difficult market conditions are nothing new. Bulker earnings have been under pressure since 2011, when more than 100m dwt of deliveries kept fleet growth in double-digits. Whilst fleet growth eased to 2.4% in 2015, the slowest pace in 16 years, new demand-side pressures emerged, with dry bulk trade remaining flat last year. In Greek mythology, Poseidon’s trident had the power to cause earthquakes on earth, and there has certainly been evidence of a shake up recently. But where have each of the three prongs hit, and how sharply?
Strikes To The Core
The first earthquake is being felt in the iron ore trade, which accounts for around a third of dry bulk trade. Following rapid growth of 15% in 2014, Chinese imports eased in 2015, and expansion in iron ore trade slowed during the year (see graph). Overall, global iron ore trade is estimated to have grown by only 2% in 2015, and continued weak Chinese steel demand and the temporary closure of several major iron ore ports in January has done little to reverse this trend into 2016 so far.
The second shake up has hit trade in coal, which accounts for a quarter of dry bulk trade, very hard. Volumes declined by an estimated 5% in 2015, and the decline in volumes on the top 100 coal trade flows neared 10% y-o-y in Q3 2015, as Chinese and Indian imports fell. With several countries looking to increase reliance on clean energy sources, a major improvement in volumes seems unlikely.
Shifting The Currents
Finally, whilst the third earthquake has perhaps been less obvious than the first two, it has still had a significant impact. Growth in minor bulk trade, a diverse cargo grouping that accounts for more than a third of dry bulk trade volumes, was limited to 1% last year, owing in part to lower Chinese demand for imports of forest products, steel products, nickel ore, and various other smaller cargoes.
Stem The Tide?
So, the seas have been exceedingly stormy in the dry bulk sector. The impact from China’s economic transition is still resonating, and as yet there are few signs of an imminent improvement. As distressed conditions take their toll, hopes will be that the power of Poseidon’s trident will eventually start to ebb.
Source: Clarksons | Hellenic Shipping News
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Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
Monday, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-in ...
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- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- White Energy Company Limited
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- GMR Energy Limited - India
- MS Steel International - UAE
- Economic Council, Georgia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- ASAPP Information Group - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Romanian Commodities Exchange
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