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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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Saturday, 01 February 20
COAL IS NOT GOING ANYWHERE - MINING REVIEW
The coal sector is living under the constant threat of being blamed by environmentalists as being responsible for a world disaster called global wa ...
Saturday, 01 February 20
CIL PRODUCTION TO NOT EXCEED 640 MILLION TON IN FY20: OFFICIAL - PTI
Hit by disruptions due to a prolonged monsoon, mining major Coal India Ltd’s production in the current fiscal will not exceed 640 million ton ...
Saturday, 01 February 20
WHO PAYS FOR IMO 2020? - FREIGHT WAVES
The United Nations’ International Maritime Organization (IMO) implemented its low-sulfur fuel mandate on January 1, 2020. Full enforcement be ...
Friday, 31 January 20
EIA EXPECTS U.S. ELECTRICITY GENERATION FROM RENEWABLES TO SOON SURPASS NUCLEAR AND COAL
In the latest long-term projections, the U.S Energy Information Administration (EIA) projects electricity generation from renewable sources such as ...
Thursday, 30 January 20
PRIVATE SECTOR COMPANIES SEEK 'LEVEL PLAYING FIELD' FOR COAL BLOCK AUCTION - PTI
Private sector companies scouting opportunities for commercial coal mining in the country are seeking a “level playing field” to encour ...
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- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
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