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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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Thursday, 19 March 15
HANDY: INDO COAL CARGOS DESTINED FOR INDIA BEING FIXED IN REGION OF $ 7-8K - FEARNLEYS
Handy
The Handy and Supra market has had a week with mixed signals. Although we see more activity in both hemispheres the rates are only up about ...
Thursday, 19 March 15
INDONESIAN COAL BENCHMARK SOAR 7.69% IN MARCH....!!!
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised up Indonesian coal benchmark prices to US$ 67.76 per MT in March ...
Wednesday, 18 March 15
AVERAGE RATE FOR CAPES MOVED TO BELOW $ 4K/DAY LAST WEEK - INTERMODAL
COALspot.com: The even heavier losses noted in the Capesize segment last week, denied the Dry Bulk market a third weekly positive, while the smalle ...
Wednesday, 18 March 15
PARKING THE CAPES - LINOS KOGEVINAS
It is no secret that recent times have been anything but kind towards shipping, and no sector has suffered more lately than the dry bulk one. While ...
Wednesday, 18 March 15
CHINA-OWNED SHIPS: A RAPID RISE TO BECOME ONE OF THE WORLD'S LARGEST FLEETS - RICHARD SCOTT
Ships operated by owners based in China have become increasingly prominent on the world’s sea routes. China-owned container ships, bulk carri ...
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- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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