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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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- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- The University of Queensland
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
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