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Thursday, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for most ship owners. In fact, with the FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is still the “name of the game” in the dry bulk market. In its latest report, shipbroker Intermodal noted that “apart from from the existing tonnage surplus, for which we have talked a lot during the last years, anemic global growth and demand for dry bulk commodities have also pushed the BDI to its lowest historical point”.
Attempting to provide some insight as to what factors have contributed to this negative development, Intermodal’s SnP broker, Mr. Yannis Olziersky said that “the decline of coal trade due to low demand from China is causing a big “headache” to Capesize and Panamax owners. Imports to China have been significantly reduced, since the local government is trying to shift away its dependency to coal for electricity production, to other renewable sources of energy. Despite that other countries like India have increased coal imports but that has so far proved inadequate to substitute entirely the fall in Chinese imports. As a result, many Panamaxes and capers, which were engaged in coal trade, are shifting to iron ore trade where in terms of transferred volume we are witnessing a healthy trade growth despite the fact that rates here have also plummeted”.
At the same time, “iron ore exports to China from Australia and Brazil rose as stockpiles in Chinese ports had hit a 12-month low in the beginning of the year. Low iron ore price together with cheap transportation cost and Chinese New Year festivities around the corner is the reason behind the increased volumes of iron ore imports. This increase has helped the Capesize market to slightly pick up from its historical lower point ever recorded in January and witness improved rates, which nonetheless are still far from what could be described as decent”, Olziersky said.
The shipbroker’s analyst added that “headlines regarding the dry bulk market are mostly negative these days, however in this bearish market there are some news which could be interpreted as positive signs, something that market needs since this “crisis” is not only driven by its fundamental problems but also by sentiment. On one hand, iron ore imports could be soon increasing as demand from the Chinese steel industry is expected to rise on the back of the recently announced plan by the Chinese government to invest heavily (around USD1 trillion) in infrastructure projects as an attempt to support growth”.
According to Olziersky, another silver lining could be the fact that “activity in dry bulk demolition activity has increased the last month as a result of declining freight rates. As a matter of fact, in just one month’s time the number of Capesize vessels that was sold for scrap reached the number of Capesizes scrapped during the whole of 2014. Under this freight environment it is very likely that this trend will continue, helping the market alleviate some of the abundant tonnage. Finally, new building activity is declining because of both the current negative environment and also lack of finance to support these projects as a result of this environment. Also some contracted dry projects which have not commenced are now being swapped to wet projects allowing the substantial dry bulk order book to take a much needed breath”.
He concluded his analysis by noting that “a “perfect storm” is currently taking place in the Dry Bulk market. Overcapacity, anemic global growth, lack of demand for dry bulk cargoes and bearish sentiment amongst players, have all come together and pushed the market to its lowest point since 1986. But let’s not forget that during “perfect storms” there are always opportunities, as these are the exact points in a cycle when asset values hit attractive lows that makes investing suitable for asset play opportunities and fleet renewals, especially for those who have sat in the sideways all these years waiting for this exact “perfect storm””, he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
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- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- White Energy Company Limited
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
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