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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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Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
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- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Economic Council, Georgia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
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