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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Bhatia International Limited - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
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