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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 most ship owners. In fact, with the FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is still the “name of the game” in the dry bulk market. In its latest report, shipbroker Intermodal noted that “apart from 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”.
Attempting to provide some insight as to what factors have contributed to this negative development, Intermodal’s SnP broker, Mr. Yannis Olziersky said that “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”.
At the same time, “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”, Olziersky said.
The shipbroker’s analyst added that “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”.
According to Olziersky, another silver lining could be the fact that “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”.
He concluded his analysis by noting that “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””, he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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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 ...
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 ...
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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- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Australian Coal Association
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
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