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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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Thursday, 31 March 16
CAPE: ANOTHER UNEVENTFUL WEEK WITH FIXTURES CONCLUDED AT LAST DONE LEVELS - FEARNLEYS
Cape
Another uneventful week with fixtures concluded at last done levels, CS levels remain around the USD 3 mark, whilst C3 is still just short o ...
Wednesday, 30 March 16
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE METHODOLOGY TO DETERMINE THE SELLING PRICE OF COAL TO MINE-MOUTH POWER PLANTS
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) of Indonesia to review to revise methodology to determine the selling price of co ...
Wednesday, 30 March 16
VALEMAXES: THE BIGGEST NIGHTMARE OF TODAY'S DRY BULK MARKET - INTERMODAL
At a time that Europe is still dealing with the aftermath of the terrorist attacks in Brussels our society is daily bombarded with news of terroris ...
Tuesday, 29 March 16
BULK CARRIER VENTILATION - CAPTAIN PAUL R. WALTON
KNOWLEDGE TO ELEVATE
Moisture damage is a source of many cargo claims. Claimants allege that it is brought about by the ship’s failure t ...
Monday, 28 March 16
INDONESIAN WEEKLY CS50 COAL INDEX CLOSED SLIGHTLY FIRM; CS 57 INDEX CLOSED WEAK
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.03 percent week over week to averaging $38.91 per ton on this past Thursday, ...
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- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
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