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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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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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- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
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