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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, 29 April 16
U.S. COAL IMPORTS IN Q4' 15 DECLINED TO 2.7 MMST FROM 3 MMST IN Q3' 15
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.3 million short tons (mm ...
Thursday, 28 April 16
PRICES OF POWER-STATION COAL IN INDONESIA IS INCREASING
COALspot.com: Inquiries for Indonesian 4200 - 4400 Kcal/kg GAR thermal coal cargoes from India suddenly increase recent days.
A Jakarta-based ...
Thursday, 28 April 16
KOMIPO TO IMPORT 710K MT OF BITUMINOUS COAL DURING JULY - SEPTEMBER 2016
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 710,000 Metric Tons of Bituminous Coal for its B ...
Thursday, 28 April 16
CAPE: BIT MORE OPTIMISM IN THE MARKET; SUPRAMAX: FORWARD CURVE IS FALLING - FEARNLEYS
Cape
A bit of a slower week. Activity level has dropped, though the rates do still remain firm, says Fearnleys in its latest weekly report.
...
Wednesday, 27 April 16
THE OCEAN SHIPPING EXPERIENCED DRAMATIC VOLATILITY IN THE BEGINNING OF 2016 - PANOS TSILINGIRIS
Shipping’s new (ab)normal
The global economy and ocean shipping experienced dramatic volatility in the beginning of 2016 and as the glob ...
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- GMR Energy Limited - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Deloitte Consulting - India
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
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