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Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
 With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is still prevailing across the Dry Bulk sector. Average rates for all sizes are now trading below OPEX levels, rendering owners exposed to substantial loses. Apart 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.
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.
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.
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.
Secondly, 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.
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”.
By Yannis Olziersky
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 14 April 15
COAL OUTPUT FALLS AS PRICES CONTINUE TO LAG - JP
Coal output dropped by 21 percent in the first three months of the year as low prices for the commodity forced mining companies to reduce activitie ...
Tuesday, 14 April 15
SUB-BIT FOB INDONESIA COAL SWAPS FOR Q4 DELIVERY CRASHES THROUGH $44
COALspot.com: Indonesian coal swap for delivery Q2 2015 declined month on month and week over week.
The Q2 swap was declined US$ 2.25 (4.77%) ...
Monday, 13 April 15
Q2 FOB NEWCASTLE COAL SWAP CLOSED AT $45.28 PMT; DECLINED 7.50% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 3.67 per MT (-7.50%) month over month and US$ 0.39 week on wee ...
Monday, 13 April 15
Q4 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 50.97
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 4.50 (-8.05%) per MT month over month and US$ 0.12 (-0 ...
Sunday, 12 April 15
INDONESIA TO INDIA FREIGHT RATE IS EXPECTED TO BE SOFT
COALspot.com: The freight market was steady, however the BDI was declined slightly week over week.
BDI dropped 1.36 pct and closed at 580 poin ...
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- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
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