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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, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
Monday, 04 April 16
CAPE INDEX JUMPED 70% WEEK ON WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 01 April 16
ASSESSING THE DRY BULK MARKET AT ROCK BOTTOM - CLARKSONS
While the opening months of the year are typically a weak period for the dry bulk market, the downturn so far this year has been severe. Earnings h ...
Friday, 01 April 16
NINE AM - TIME TO GET AN INDONESIAN LANGUAGE VERSION OF YOUR CHARTERPARTIES - CLYDE & CO
KNOWLEDGE TO ELEVATE
For several years, Indonesian law (Article 31, Law Number 24 of 2009) has required that memoranda of understanding (" ...
Friday, 01 April 16
U.S. COAL PRODUCTION UP SLIGHTLY WEEK OVER WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.6 million shor ...
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- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Australian Coal Association
- Latin American Coal - Colombia
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