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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, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
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- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
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