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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 still prevailing across the Dry Bulk sector. Average rates for all sizes are now trading below OPEX levels, rendering owners exposed to substantial loses. Apart 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.
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.
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.
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.
Secondly, 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.
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”.
By Yannis Olziersky
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Sunday, 05 April 15
FREIGHT RATES UNDER PRESSURE WEEK OVER WEEK
COALspot.com: The Indices fell on all segments and the market seemed to soften this week.
The BDI was almost lost 1.34% week over week and clo ...
Saturday, 04 April 15
BORYEONG POWER OF KOMIPO TO BUY TOTALED 695K MT OF HIGH AND LCV COAL
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 500000 Metr ...
Friday, 03 April 15
U.S WEEKLY COAL PRODUCTION STAYS FLAT
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 18.3 million short ...
Friday, 03 April 15
TOBA BARA'S PANDU SJAHRIR ELECTED AS NEW CHAIRMAN OF THE INDONESIAN COAL MINING ASSOCIATION
COALspot.com: Pandu Sjahrir, the Vice President Director & CFO of the Jakarta-listed PT Toba Bara Sejahtra — a subsidiary of PT Toba Seja ...
Thursday, 02 April 15
GOVERNMENT MUST WORK WITH MINING, NOT AGAINST IT - PANDU SJAHRIR
The Coal Face: The coal price has hit its lowest point in recent memory
My father used to say to me that his children are his biggest inv ...
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- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
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