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