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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, 24 February 15
IHS ENERGY COAL CONFERENCE OF THE AMERICAS
Attend the IHS Energy Coal Conference of the Americas 17-19 March in Cartagena, Colombia and learn about timely concerns in today's coal indust ...
Monday, 23 February 15
Q2' CFR SOUTH CHINA COAL SWAP FOR Q2 ROSE 3.39% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.90 (+3.39%) per MT month over month and declined US$ 0.08 ...
Monday, 23 February 15
Q2' API 5 FOB NEWCASTLE COAL SWAP CLOSED $1 HIGHER THAN Q3
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.12 per MT (+6.44%) month over month and fall US$ 0.43 (-0.83%) w ...
Sunday, 22 February 15
THE BALTIC DRY INDEX LOST ALMOST 3.2% OR 17 POINTS WEEK ON WEEK
COALspot.com: The Baltic Dry Index, one of the economic indicators that monitors the health of the world's economy by tracking the price of shi ...
Friday, 20 February 15
GOVT SET TO INCREASE COAL OUTPUT TARGET THIS YEAR - JAKARTA POST
The Energy and Mineral Resources Ministry is planning to increase its coal output target this year as the government seeks to offset the ongoing de ...
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- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- The University of Queensland
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
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