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