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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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Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
Friday, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
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