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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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Wednesday, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
Wednesday, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
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- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
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