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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.
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Thursday, 02 April 15
NEWBUILDING ORDERS FOR DRY BULK CARRIERS "DRY" UP
Newbuilding ordering activity remained subdued over the course of the past week, as ship owners are wary of adding further tonnage to an already pr ...
Wednesday, 01 April 15
SUPRAMAX & HANDY: RATES HELD STEADY TOWARDS THE WEEKEND
“Despite the fact that the Dry Bulk market closed off on the green last week, sentiment didn't improve by any means, not only because of ...
Wednesday, 01 April 15
WEEKLY SHIPPING MARKET UPDATE - INTERMODAL
There is no doubt that we are still witnessing a very challenging and at the same time very uncertain market, both with respect to dry chartering a ...
Wednesday, 01 April 15
Q4' 15 INDONESIA COAL SWAP CLOSED AT $45.15 W/E 27 MARCH 2015
COALspot.com: Indonesian coal swap for delivery Q2' 2015 drops month on month and week over week.
The Q2 swap declined US$ 1.54 (3.24%) mo ...
Tuesday, 31 March 15
RICHARDS BAY COAL SWAPS GAIN WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month but increased week on week.
The Q2 swap has ...
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- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
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