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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.
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Sunday, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
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- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
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