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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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Thursday, 06 February 20
CHINESE DEMAND KEY UNCERTAINTY FOR SEABORNE COAL MARKET IN 2020 - THE BRICS POST
Coal trader Noble Resources head of research Rodrigo Echeverri Cardozo had penciled in a 3 Mt drop in Chinese import demand for 2020, but it could ...
Wednesday, 05 February 20
CORONAVIRUS AND THE SHIPPING INDUSTRY - WATSON, FARLEY & WILLIAMS
The continued spread of Coronavirus and governmental measures to minimise the impact is likely to affect the shipping industry and supply chain.
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Wednesday, 05 February 20
INDONESIA'S COAL PRICE REFERENCE UP 1.46% IN FEBRUARY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 05 February 20
MARKET INSIGHT - INTERMODAL
The oil and gas industry benefitted from a strong and solid ground in the previous year. We witnessed a slow but steady increase in bunker’s ...
Wednesday, 05 February 20
RUSSIA EXPORTED 28.6 MLN TONNES OF LNG IN 2019 - REFINITIV
A lot of attention has been paid recently on the surge in LNG exports from the United States. However, another country which is seeing truly expone ...
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- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
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