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Wednesday, 09 December 15
DRY BULK EXPERIENCES THE PERFECT STORM - PANOS TSILINGIRIS
 Dry bulk experiences the perfect storm as the slowing of demand predominantly because of China sat atop the exaggerated oversupply. The BDI broke twice its all-time lows in February and in November when it closed at just 498, with the average of dry average returns being in the region of $3,500-5,500/day, i.e. at or below OPEX. It is not a matter anymore of how low it will go (as it is already there), but how long it will last, said Intermodal in its latest report.
According to Panos Tsilingiris of Intermodal, the FFAs, which allegedly contribute to price discovery (note: I have my reservations against this thesis) are by no means optimistic. Cape and Panamax BFAs Calendar 2016 and 2017 are at or just in excess/below OPEX. Supras, which have so far somewhat withstood the collapse and outperformed Panamaxes, are poised to suffer as well, also due to the massive Ultramax orderbook.
The broker further noted that, if demand does not ‘restart’ and BFAs are proven to be correct, the ongoing severe dry bulk crisis may even have implications similar to the 1980s one, albeit still not the base case scenario. The market along with regulatory considerations will force pre-2000 built Vessels as well as more modern but poor-maintained or non-commercially viable Vessels to either flirt with scrap or be ostracized to domestic/inferior trading.
The Intermodal further added that, being tempted by the close to 15-year nominal lows in asset values, we studied acquisitions in 10-year old quality Capesize, Panamax and Supramax Bulkers under a 5-year investment horizon. We considered purchases at the prevailing levels and being conservative we assumed heavy OPEX/Drydock costs and residual values reflecting two pessimistic scenarios: (i) scrap or (ii) sell at current depressed values.
The striking discrepancies between historical vs. current and projected market conditions imply significant structural differences. The resulting break-even rate is half or less than the historical averages but still higher than the BFAs projection for the 2016-17 years. The downside risk is getting squeezed while the upside is rising. In my view it is a buy!, the Greece based ship broker concluded.
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Thursday, 10 December 15
CANADIAN MINER TECK ANNOUNCES LNG HAUL TRUCK PILOT PROJECT
Teck Resources Limited is piloting the use of liquefied natural gas (LNG) as a fuel source in six haul trucks at its Fording River steelmakin ...
Thursday, 10 December 15
FOB RICHARDS BAY COAL Q3' 16 DELIVERY SWAP WAS CLOSED 7.27% PER TON LOWER COMPARED TO AVERAGE Q1' 16 DELIVERY PRICE
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 decline month over month and week over week.
The Q1’ 2016 &nbs ...
Wednesday, 09 December 15
U.S. COAL EXPORTS DECLINE IN 2015 DUE TO SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES - EIA
COALspot.com: The slower growth in world coal demand and lower international coal prices have contributed to a decline in U.S. coal exports in 2015 ...
Tuesday, 08 December 15
OPEC'S DECISION BODES WELL FOR THE TANKER MARKET: STRONG MIDDLE EAST CRUDE EXPORTS WILL CONTINUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
OPEC’s latest decision to keep up oil production is seen by shipbrokers as a further boost for the tanker market. At the end of last year OPE ...
Tuesday, 08 December 15
Q1' 16 API 5 FOB NEWCASTLE COAL SWAP CLOSED AT $ 36.73 A TON; 1.73% HIGHER COMPARED TO Q3' 16 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $1.47 per ton (3.85%) month over month to US$ 36.73 per ton. The swap ...
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- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Planning Commission, India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
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