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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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Tuesday, 10 February 15
SUB-BIT FOB INDONESIA COAL SWAP ADVANCES 3.79% WEEK ON WEEK
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 0.85 (+1.81%) month o ...
Tuesday, 10 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK OVER WEEK, RAISING HOPES?
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 0.95 per MT (+1.91%) week over week and declined US$ 0.06 (-0.12%) ...
Monday, 09 February 15
AUSTRALIAN COAL PRODUCERS BEST POSITIONED IN OVERSUPPLIED MARKET; US MINES MOST AT RISK - WOOD MACKENZIE
In a 2015 global coal outlook report, Wood Mackenzie says that Australia and Indonesian coal suppliers will see some upside in the difficult months ...
Monday, 09 February 15
FOB RICHARDS BAY COAL SWAP GAINS 3.65% TO ONE-MONTH HIGH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and day on day.
The Q2 swap has soared US$ 2.1 ...
Monday, 09 February 15
Q2' CFR SOUTH CHINA COAL SWAP DECLINED 3.28% TO $ 56.92 W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 1.93 (-3.28%) per MT month over month and US$ 0.10 (-0 ...
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- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Australian Coal Association
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- The University of Queensland
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
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