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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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Thursday, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
Thursday, 19 March 15
INDONESIAN COAL BENCHMARK SOAR 7.69% IN MARCH....!!!
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised up Indonesian coal benchmark prices to US$ 67.76 per MT in March ...
Wednesday, 18 March 15
AVERAGE RATE FOR CAPES MOVED TO BELOW $ 4K/DAY LAST WEEK - INTERMODAL
COALspot.com: The even heavier losses noted in the Capesize segment last week, denied the Dry Bulk market a third weekly positive, while the smalle ...
Wednesday, 18 March 15
PARKING THE CAPES - LINOS KOGEVINAS
It is no secret that recent times have been anything but kind towards shipping, and no sector has suffered more lately than the dry bulk one. While ...
Wednesday, 18 March 15
CHINA-OWNED SHIPS: A RAPID RISE TO BECOME ONE OF THE WORLD'S LARGEST FLEETS - RICHARD SCOTT
Ships operated by owners based in China have become increasingly prominent on the world’s sea routes. China-owned container ships, bulk carri ...
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- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- The University of Queensland
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
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