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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, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
Wednesday, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within t ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, w ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
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- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
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