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