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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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Monday, 24 February 20
CHINA SAYS MAJOR COAL FIRMS RESTORE 95% OF PRODUCTION CAPACITY - REUTERS
China’s coal companies controlled by the central government have resumed operations and are back at more than 95% of their capacity, an offic ...
Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
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- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- The University of Queensland
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
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