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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, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
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 s ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Bhatia International Limited - India
- Central Java Power - Indonesia
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