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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, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
Wednesday, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
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- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
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