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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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Monday, 11 April 16
BDI ROSE TO ITS HIGHEST LEVEL IN FOUR MONTHS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 08 April 16
COASTAL ENERGEN CROSSES GENERATION OF 1068 MW AND EXPORT OF 1004 MW FROM ITS 1200 MW IPP
COALspot.com: Coal & Oil (C&O) Group, an India centric Energy & Infrastructure company announced that their Coastal Energen' ...
Friday, 08 April 16
WEEKLY US COAL PRODUCTION ESTIMATES DIP 5.4% TO 11 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11 million short ...
Friday, 08 April 16
MINISTER OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO ISSUE REGULATION TO GUARANTEE THE COAL SUPPLY TO ITS 35K POWER PLANT PROJECTS
COALspot.com: In order to guarantee the supply of coal for 35,000 megawatt (mw) coal based power plants ( still in planning stage), the Minister of ...
Thursday, 07 April 16
CHINA STEEL CAPACITY CUTS FACE SOCIAL, FINANCIAL HURDLES - FITCH RATINGS
Fitch Ratings says today that the Chinese government's supply-side reform of the steel sector faces immense social and financial challenges. Th ...
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- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
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- New Zealand Coal & Carbon
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- Bangladesh Power Developement Board
- Australian Coal Association
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- PNOC Exploration Corporation - Philippines
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- Petron Corporation, Philippines
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- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
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- Coal and Oil Company - UAE
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- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
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- Planning Commission, India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
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- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
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