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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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Friday, 14 February 20
KOWEPO INVITED BIDS FOR 1.275 MILLION TONS OF MIN. 5,600 NCV COAL
COALspot.com: Korea Western Power Co. Ltd (KOWEPO). as a representative of five Korean Gencos has issued an international tender for total 1,275,00 ...
Friday, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover ...
Friday, 14 February 20
FITCH RTGS: GLOBAL PORTS VULNERABLE TO CORONAVIRUS - RELATED VOLUME DECLINES
Global ports will see reduced trade volumes as a result of the coronavirus, COVID-19, which would become more severe should Chinese production take ...
Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
Downstream isn’t the glamorous end of the oil business. And in Big Oil, it’s typically dwarfed by upstream. Yet having been forced to r ...
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- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
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