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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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Thursday, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
Thursday, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Tuesday, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
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- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Planning Commission, India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
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