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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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Monday, 30 March 15
WORST IS OVER FOR THE DRY BULK MARKET, BUT THE PAIN WILL REMAIN FOR YEARS TO COME, SAYS BIMCO CHIEF ANALYST - HELLENIC SHIPPING
The current demise of the dry bulk market isn’t one to go away anytime soon. That doesn’t mean that it can’t improve, with all sh ...
Monday, 30 March 15
Q3' 15 CFR SOUTH CHINA COAL SWAP: DECLINED 8.7% M-M; 12.77% Y-TO-D
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.00 (-8.70%) per MT month over month and US$ 1.33 (-2 ...
Monday, 30 March 15
Q2' FOB NEWCASTLE COAL SWAP CLOSED 4.47% HIGHER THAN Q4' CLOSING PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 5.42 per MT (-10.43%) month over month and US$ 1.60 (-3.32%) w ...
Sunday, 29 March 15
INDO - INDIA: SUPRAMAX & PANAMAX FREIGHT MARKET STEADY
COALspot.com: The freight market was almost stable as all segments slightly up except Panamax sector.
The BDI was up by just 0.85% week over w ...
Saturday, 28 March 15
IS NORTHERN EUROPE THE NEW MINING ELDORADO?
The Europe Mining 2015 Summit, organised by Global Summits organizer IRN on 17-18 June in Amsterdam, The Netherlands, will gather senior level repr ...
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- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- The University of Queensland
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
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