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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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- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
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