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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, 15 January 16
FOB INDONESIA COAL SWAPS FIRM SLIGHTLY LAST WEEK
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month over month and week over week.
According to AsiaClear OTC coal swap's r ...
Friday, 15 January 16
SHIPPING: 2016 STARTED WITH MISERY ACROSS THE BOARD FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As one would have expected, the dry bulk market starter the new year where it left off in 2015, plunging to never seen before depths, as the market ...
Friday, 15 January 16
U.S. WEEKLY COAL PRODUCTION ROSE ACROSS ALL BASINS: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 14 January 16
FOB RICHARDS BAY COAL SWAP FOR Q3 DELIVERY CLOSED $5.90 LOWER THAN Q1 PRICE
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coal ...
Wednesday, 13 January 16
U.S. COAL PRODUCTION DECLINED BY 109 MMST IN 2015; COAL EXPORTS DECREASED 21% Y-O-Y
COALspot.com: U.S. coal production declined by 109 million short tons (MMst) (11%) in 2015, the largest decline ever recorded, says EIA.
The 2 ...
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- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
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