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