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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, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
Monday, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
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- Kapuas Tunggal Persada - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
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- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
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- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
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- ASAPP Information Group - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
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- VISA Power Limited - India
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- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
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- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
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- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
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- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- India Bulls Power Limited - India
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