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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, 30 January 20
CAPE: WITH CHINESE NEW YEAR TAKING PLACE, THE RATES ARE REACHING FURTHER DISAPPOINTING LEVELS - FEARNLEYS
Cape
With Chinese New Year taking place, the rates are reaching further disappointing levels. Present TC average is below USD 4,500, off 24% fr ...
Wednesday, 29 January 20
INDONESIA REMAINS AT THE TOP SPOT IN 2019 AS THE LARGEST SUPPLIER OF COAL TO INDIA WITH 91.3 MLN TONNES - BANCHERO COSTA
Despite repeated promises from India’s government to reduce the country’s coal imports and increase domestic self-reliance, volumes jus ...
Wednesday, 29 January 20
MARKET INSIGHT - INTERMODAL
Last week Libya’s oil production operations were disrupted as it was reported that local Libyan tribes interrupted output at the the El Feel ...
Tuesday, 28 January 20
INDONESIA - UNCERTAINTY OVER AVAILABILITY OF LSFO - THE STANDARD CLUB
The club has received reports that low sulphur fuel is not currently readily available in all Indonesian ports and that there are local shortages.
...
Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
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- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- The Treasury - Australian Government
- PTC India Limited - India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Australian Coal Association
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
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