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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.
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Thursday, 26 March 15
KYUSHU ELECTRIC POWER OF JAPAN HAS JOINED GLOBALCOAL ONLINE COAL TRADING PLATFORM
globalCOAL® announced today that Kyushu Electric Power, one of Japan’s largest utility companies, has joined its online coal trading plat ...
Wednesday, 25 March 15
MARKET INSIGHT: TANKER CHARTERING - KATERINA RESTIS
The 1st of January 2015, as broadly reported, denoted the beginning date of new and progressive emission regulations for vessels operating within t ...
Wednesday, 25 March 15
AUSTRALIA SET TO ONCE AGAIN BE THE WORLD'S LARGEST COAL EXPORTER - COAL, MINERALS COUNCIL OF AUSTRALIA
Greg Evans, Executive Director - Coal, Minerals Council of Australia
Media Release: The latest Resources and Energy Quarterly published by the ...
Wednesday, 25 March 15
AUSTRALIA UPSTREAM ENERGY FIRMS FACE RISING OIL PRICE EXPOSURE - FITCH
Fitch Ratings says the Australian oil and gas companies involved in exploration and production face higher exposure to oil price-linked revenues, w ...
Wednesday, 25 March 15
2014 : UK COAL IMPORTS DECLINED 17%; GERMANY COAL IMPORTS UP 6%
Hard Coal Market 2014: Despite The Energy Turnaround, Hard Coal Imports To Germany Rise By More Than 6%, Although Hard Coal-Fired Power Generation ...
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- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- London Commodity Brokers - England
- Australian Coal Association
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Central Electricity Authority - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Central Java Power - Indonesia
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