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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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- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Planning Commission, India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
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