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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, 13 March 15
U.S. COAL PRODUCTION UP 2.3% WEEK OVER WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.5 million short tons (mmst) of coal ...
Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
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- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- The University of Queensland
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- PTC India Limited - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
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