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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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Wednesday, 04 February 15
MARKET INSIGHT - LINOS KOGEVINAS
It has been just about over 2 months since, in a move that surprised many and caused widespread apprehension, OPEC decided to maintain its producti ...
Tuesday, 03 February 15
Q1'15 FOB INDONESIA COAL SWAP CLOSED $ 3.29 HIGHER COMPARED TO Q4'15 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 rose week over week and month on month.
The Q1 swap up US$ 0.68 (+1.41%) month o ...
Tuesday, 03 February 15
FOB NEWCASTLE COAL SWAP FOR Q4 DELIVERY CLOSED 5.86% LOWER THAN Q1 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery rose US$ 0.26 per MT (+0.51%) week over week and declined US$ 0.02 (-0.04%) ...
Monday, 02 February 15
API 4 FOB RICHARDS BAY COAL SWAP ROSE WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has decli ...
Monday, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
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- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Deloitte Consulting - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
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