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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, 12 February 16
DRY BULK MARKET'S FORTUNES STILL TIED WITH CHINA'S ECONOMY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The inevitable slowdown of the Chinese economy was expected to hurt dry bulk shipping, but few expected the blow to be this hard, especially given ...
Friday, 12 February 16
COAL PRICES ARE EXPECTED TO DECLINE 13% IN 2016 TO $50 ATON, ON CONTINUED WEAK DEMAND AND OVERSUPPLY - WORLD BANK
COALspot.com: Thermal coal prices fell 9 percent in the fourth quarter on continued weak demand, high stocks, and surplus production, World Bank sa ...
Friday, 12 February 16
U.S. COAL PRODUCTION OFF 5.4% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.9 million shor ...
Thursday, 11 February 16
GLOBAL NEWBUILDING ORDERBOOK IS SHRINKING ON A DAILY BASIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2016 has started right where 2015 left off when it comes to newbuilding ordering activity, i.e. there are slim pickings to be had from shipyards ar ...
Wednesday, 10 February 16
SOUTH AFRICA IS HOPING TO SHIP MORE COAL TO INDIA IN 2016
COALspot.com: South Africa is hoping to boost coal exports to India after shipping a record 75.4 million tonnes of coal in 2015, industry officials ...
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- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Marubeni Corporation - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Edison Trading Spa - Italy
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