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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, 20 February 15
U.S. PRODUCED AROUND 19.2 MILLION SHORT TONS OF COAL WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.2 million short tons (mmst) of coal ...
Thursday, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
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- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Planning Commission, India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
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