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