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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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Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
Thursday, 23 January 20
AFRICAN POWER PLATFORM PUBLISHES REPORTS ON POWER SECTOR FRAMEWORK FOR SELECTED AFRICAN COUNTRIES
Press Release: African Power Platform publishes Reports on Power Sector Framework for selected African Countries
With the repo ...
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- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Planning Commission, India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
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