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