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Tuesday, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
 The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when the BCI reached for the first time in its history a negative figure (-20 bp on Friday with even lower figures being posted today), Yiannis Vamvakas, Research Analyst of Allied shipping said in his latest weekly report. At the same time the average earnings per day fell beneath the USD 4,000/day, a level considerably below even the most conservative OPEX levels.
He further noted that, significant losses were also being noted across the rest of the dry bulk size classes. The key driver behind this downward spiral couldn’t be other than China, the Asian giant that encompasses approximately 12.5% of global trade. The recent Novel coronavirus (2019-nCoV) outbreak seems to have brought about another stall in the global economy. The aftermath of the virus outbreak has been severe so far, with the Chinese stock market having posted its worst opening since 2007, while several multinational and local companies have temporarily shut down operations in the country, amongst them, construction sites and steel production facilities. Given that the main affected regions produce approximately 60% of the total steel production within the country, it is of little surprise that demand for iron ore has been limited as of late. It is worth mentioning that last year it is estimated that China produced about 1 billion tons of steel, while consumed more than 1.5 billion tons of iron ore. The impact of this halt in operations is also depicted in the price of iron ore, that has dropped significantly during this past week, as well as the losses that have been witnessed in the stock prices of key iron ore traders such as Vale, Rio Tinto and BHP. The situation in China has not been the only headache for iron ore traders, as severe floods noted in south-eastern Brazil last week, a key iron ore producing region, has reduced Brazilian exports, limiting the availability of cargoes and further limiting activity in the Capesize sector. Meanwhile, official numbers are showing an expectation for less iron ore car-goes to be exported from Brazil in 2020 compared to 2019.
According to Yiannis Vamvakas, China’s importance is not limited to the iron ore trade, being a key player in the whole global trading ecosystem. Imports for agricultural products as well as coal have also been reduced, as the barriers to free movement of people has limited the ability of the Chinese economy to operate smoothly. In the US, there are concerns regarding the recent trade deal that was signed between Washington and Beijing. The food safety concerns as part of the virus outbreak will undoubtedly lead to less consumption of pork. The effect will be a decrease in demand for soybeans, the main food source for pigs. In 2017 total soybean exports from the US to China reached the $12.2 billion, falling to $3.1 billion in 2018 as part of the trade dispute. Phase one of the recently signed deal committed a combined import of $32 billion of additional agricultural goods for 2020 and 2021, a target that now looks to be ever more unrealistic. Given that China’s economic growth, before the outbreak, was estimated to slip to below 6 percent, concerns on this front have now increased. Some estimates are now stating that during Q1 of 2020 Chinese GDP growth may even fall below 5%. The impact from the virus and the lack of drive for trade activity from China is expected to remain a heavy counterweight for the dry bulk market. The uncertainty regarding how the situation will evolve leaves for very questionable results as to when the market will be able to rebound. The current open tonnage list in the Pacific region has already build up to unsustainable levels, a condition that is hard to shift if China doesn’t manage to take the situation under complete control.
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Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
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- PTC India Limited - India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- MS Steel International - UAE
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
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