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Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
 Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing countries and faster than global GDP growth. However, recent shifts in demand trends contributed to slower seaborne trade growth in 2014 (3.2%) and 2015 (2.0%). How has this reflected changes in demand for bulk shipments into major importing countries?
Multiple Problems?
The ratio between global seaborne trade growth and GDP growth (the ‘multiplier’), when considered over a long time period, can be a useful indicator of the impact of drivers in shipping. Following the economic downturn, the ratio averaged 1.3 in 2010-13, partly as strong Chinese GDP growth drove a surge in raw material imports, and globally production was outsourced to regions more distant from demand centres. Since 2014, the ratio has fallen below 1. The drop was most marked in 2015, with the ratio reaching 0.6, as world seaborne trade is estimated to have grown 2.0% and GDP by 3.1%, partly reflecting shifts in import demand. Growth in bulk imports (dry bulk and oil) to the five biggest importing nations in 2015 (see graph) slowed from an average of 5.5% p.a. in 2012-13, to 1.6% p.a. in 2014-15, with cargo totalling 3.7bt, equivalent to 49% of global bulk trade.
Sluggish Demand
Of course, China, the world’s largest importer of bulk cargoes, had been key in supporting the multiplier. The country’s bulk imports, which account for 23% of world seaborne bulk trade, grew on average by 11% p.a. 2010-13. However, the maturing Chinese economy’s shift, diversifying away from heavy industry, led to a stark slowdown in growth in bulk imports. Shipments to China rose 3% in 2014 and remained fairly flat y-o-y in 2015. Seaborne coal imports to the country fell 30% y-o-y to 188mt in 2015, while growth in iron ore imports slowed to 3%, from 15% in 2014. However, some of the loss was offset by robust crude import growth, partly supported by the oil price collapse.
Not Only China
While China is frequently highlighted as a of key driver of slower global trade growth, the expansion in imports into some other major nations was also more sluggish in 2014-15. Japan’s bulk imports, which account for 8% of the world total, grew on average by 3% p.a. in 2012-13, and fell 2% p.a. in 2014-15, to 588mt in 2015. Elsewhere, although expansion in Indian bulk imports has been firm, it is slowing. Growth slowed to 8% in 2015 due to a decline in coal imports.
In contrast, the rate of increase in Korean bulk imports picked up in 2014-15, largely underpinned by firmer growth in dry bulk shipments, although this was not enough to offset the slowdown in other countries. Elsewhere, the rate of decline in US imports eased, with most of the fall in oil imports having already taken place.
So, whilst the maturing Chinese economy has contributed to slower trade growth recently, it has not been the sole driver. Seaborne trade has still grown robustly since the start of 2009, by around 30%. But the world fleet is now 48% larger in GT terms. Surplus capacity today evident in many sectors is a clear reflection of concerted pressure from slower growth in shipments across key importers.
Source: Clarkson Research Services Limited Hellenic Shipping
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Thursday, 03 November 16
THE INDEX BASED COAL SALES & PURCHASE STRATEGY MAKES MORE EFFICIENT, SAYS 55.17% END-USERS
Considering the current coal market condition, the Index based coal sales & purchase strategy make more efficient was deemed the winner by 57.0 ...
Thursday, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
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- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- PTC India Limited - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
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