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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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Sunday, 09 February 20
SUPRAMAX: THE ASIAN ARENA STRUGGLED, A 50,000DWT SHIP FIXING A COAL RUN FROM EAST KALIMANTAN TO INDIA AT $2,000 - THE BALTIC BRIEFING
Capesize
The Capesize market endured another dreadful week of calamitous rate level falls, as the usual season low Q1 period combined with rece ...
Friday, 07 February 20
CIL LOOKING TO TAP NON-POWER SECTORS FOR INCREMENTAL COAL, PTI REPORTED
The miner is looking to ramp up production to meet its targets for the current fiscal at a time when the economic slowdown is impacting demand for ...
Friday, 07 February 20
VIRUS - HIT CHINA MAY NEED MORE IMPORTS OF COAL. NOW COMES THE TRICKY PART - SHIPPING IT THERE: REUTERS
China’s domestic coal mines are struggling to ramp up production in the face of the ongoing coronavirus epidemic. That’s a situation th ...
Friday, 07 February 20
CORONAVIRUS IMPACTING THE GLOBAL SHIPPING INDUSTRY - BIMCO
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. T ...
Thursday, 06 February 20
CAPE: WEAK SUPPLY/DEMAND RATIO THE STREETS REMAIN BLOODY FOR THE BIG SHIPS - FEARNLEYS
Cape: With still a weak supply/demand ratio the streets remain bloody for the big ships, and actual spot earnings are close to zero on main short-h ...
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- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- PTC India Limited - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
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