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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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Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
Tuesday, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
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- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Madhucon Powers Ltd - India
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