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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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Friday, 10 April 15
US COAL PRODUCTION FELL 4.7% W-O-W : EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.4 million short ...
Friday, 10 April 15
DRY BULK MARKET'S DOWNFALL ALSO OFFER INVESTMENT BARGAINS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk market rates have fallen to historical lows over the past few weeks, with no clear path of recovery, at least in the near term. As such, m ...
Thursday, 09 April 15
CAPESIZE: RATES ARE STILL DISAPPOINTING - FEARNLEYS
Handy
The handy market had a stronger sentiment before the Easter holidays, but have as the bigger panamaxes seen a softening tendency this week. ...
Wednesday, 08 April 15
DRY BULK MARKET SEEMS UNABLE TO CATCH A BREAK - INTERMODAL
COALspot.com: The Dry Bulk market seems unable to catch a break these days.
According to Intermodal, following the market stabilization that p ...
Wednesday, 08 April 15
CHINA BURNS HALF OF THE WORLD'S COAL - CHRISTOPHER T. WHITTY
Intermodal Weekly Market Update
China is the world's largest consumer of coal, using more coal each year than the United States, the Europ ...
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- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
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