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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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Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
Tuesday, 03 March 15
Q4' FOB INDONESIA COAL SWAP CLOSED 2% LOWER COMPARED TO Q2 CLOSING PRICE OF $ 47.47
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose month on month and declined week over week.
The Q2 swap increased US$ 2.24 ...
Tuesday, 03 March 15
FOB RICHARDS BAY COAL SWAPS: Q2 UP 9.60%; Q3 UP 9.75% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and week on week.
The Q2 swap has soared US$ 5 ...
Monday, 02 March 15
CFR SOUTH CHINA COAL SWAP FOR Q2 DELIVERY REACHED $ 57.50 PMT W/E 27 FEB 2015
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.37 (+2.44%) per MT month over month and declined US$ 0.42 ...
Monday, 02 March 15
BORYEONG POWER PLANT OF KOMIPO TO IMPORT 140K OF SUB-BITUMINOUS COAL FOR Q2
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 140,000 (70 ...
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- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
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