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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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Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
Friday, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
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- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- The University of Queensland
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
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