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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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Sunday, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
Thursday, 05 February 15
ULTRAMAX LEVELS FROM INDIA TO CHINA IN THE MID US$ 5000'S - FEARNLEYS AS
Handy
Despite the overall weak sentiment, there is a scent of optimism in the Atlantic market for ppt dates. Continent is still struggling with o ...
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- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
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