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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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Sunday, 15 February 15
BALTIC DRY INDEX CONTINUALLY DIPPED IN RED
COALspot.com: The Baltic Dry Index continues its decline and fell 5.18 pct to 530 points week on week due to falling commodity prices and declining ...
Saturday, 14 February 15
SHALE GAS AND TIGHT OIL ARE COMMERCIALLY PRODUCED IN JUST FOUR COUNTRIES - EIA
KNOWLEDGE TO ELEVATE
The United States, Canada, China, and Argentina are currently the only four countries in the world that are producing com ...
Friday, 13 February 15
U.S. WEEKLY COAL PRODUCTION SHOWS 10% DECLINE
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.1 million short tons (mmst) of coal ...
Friday, 13 February 15
SMALL AND MEDIUM-SIZED SHIP OWNERS SQUEEZED OUT OF THE MARKET ON CRASHING DRY BULK MARKET AND EUROZONE CRISIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Financing issues have started to tighten the noose in the throats of small and medium-size ship owners, who were already facing problems over the p ...
Thursday, 12 February 15
CAPESIZE: THE BEST DESCRIPTION FOR THE MARKET IS, FLAT - FEARNRESEARCH
Handy
The handy and supra market is also being affected by the marginal volume of activity in the commodity sales. We see a small upturn in the T ...
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- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Posco Energy - South Korea
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- The University of Queensland
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Australian Coal Association
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
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