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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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Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
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- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- The Treasury - Australian Government
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