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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, 17 February 15
FOB SUB-BIT INDONESIA COAL SWAP UP 8% MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 3.58 (+8.00%) month o ...
Tuesday, 17 February 15
Q2' FOB RICHARDS BAY COAL SWAP CLOSED AT $63.45; $ 1.85 HIGHER COMPARED TO Q4 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month, week on week and day on day.
The Q2 swap has ...
Monday, 16 February 15
COAL MINING SLUMP A BLESSING IN DISGUISE - THE JAKARTA POST
The growth of the coal-mining industry, which has diminished in the last two years, is expected to slump even further this year following weakening ...
Monday, 16 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 1.31 per MT (+2.59%) week over week and US$ 4.35 (+9.13%) month on ...
Monday, 16 February 15
Q2' 15 - CFR SOUTH CHINA COAL SWAP ROSE 5.22% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 2.88 (+5.22%) per MT month over month and US$ 1.08 (+1.90% ...
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- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Planning Commission, India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
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