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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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Sunday, 31 January 16
BDI CONTINUED ITS FALL AND CLOSE AT A FRESH RECORD LOW ON FRIDAY
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertilizer, continued it ...
Friday, 29 January 16
INDONESIAN BENCHMARK COAL PRICE SETTLES DOWN $ 0.31, OR 0.58%, AT $ 53.20 A TON
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further down in January 2016. HBA has slumped by 0.58 ...
Friday, 29 January 16
U.S. COAL PRODUCTION OFF 2 PERCENT FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 milli ...
Thursday, 28 January 16
COAL REMAINS THE NO.1 FUEL FOR POWER GENERATION - EXXONMOBIL
COALspot.com: Energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different tr ...
Thursday, 28 January 16
WHAT ARE THE PROSPECTS FOR COAL IN LIGHT OF THE PARIS CLIMATE AGREEMENT? - GERMAN COAL IMPORTERS ASSOCIATION
This depends – says the VDKi – to a very great extent on who you want to believe more, the United Nations or the International Energy A ...
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- The University of Queensland
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
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