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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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Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
Wednesday, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
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