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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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Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
Saturday, 01 February 20
THERMAL COAL MARKETS: 5 TRENDS TO WATCH OUT FOR IN 2020 - MINING REVIEW
The seaborne thermal coal market entered the year challenged by low priced LNG in the Atlantic and rapidly increasing supply in the Pacific.
&n ...
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- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
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