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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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Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
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