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