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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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Friday, 13 March 15
U.S. COAL PRODUCTION UP 2.3% WEEK OVER WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.5 million short tons (mmst) of coal ...
Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
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- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Parliament of New Zealand
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
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