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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, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
Wednesday, 12 February 20
MARKET INSIGHT - INTERMODAL
The recent Coronavirus outbreak in China has led to a global health emergency by World Health Organization and it is yet to be seen how long the ph ...
Wednesday, 12 February 20
CHANGES IN LNG MARKET COULD UNDERCUT PLANS FOR NEW JAPANESE COAL PLANTS - CLYDE RUSSELL
Reuters: Clyde Russell
The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may wel ...
Wednesday, 12 February 20
THE SHIPPING INDUSTRY SEES FREIGHT MARKETS IN A COMPLETE STATE OF COLLAPSE AS DEMAND GETS PARALYZED DUE TO CORONAVIRUS OUTBREAK - ALLIED
With China and the world still trying to contain the effects and come to terms with the Wuhan novel coronavirus outbreak, the shipping industry see ...
Wednesday, 12 February 20
WORLD STEEL PRODUCTION IN 2019 - BANCHERO COSTA
In a worrying development, global steel production slowed down considerably in the fourth quarter of 2019. In the final 3 months of 2019, total cru ...
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- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- MS Steel International - UAE
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
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