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