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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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Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
Tuesday, 03 March 15
Q4' FOB INDONESIA COAL SWAP CLOSED 2% LOWER COMPARED TO Q2 CLOSING PRICE OF $ 47.47
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose month on month and declined week over week.
The Q2 swap increased US$ 2.24 ...
Tuesday, 03 March 15
FOB RICHARDS BAY COAL SWAPS: Q2 UP 9.60%; Q3 UP 9.75% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and week on week.
The Q2 swap has soared US$ 5 ...
Monday, 02 March 15
CFR SOUTH CHINA COAL SWAP FOR Q2 DELIVERY REACHED $ 57.50 PMT W/E 27 FEB 2015
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.37 (+2.44%) per MT month over month and declined US$ 0.42 ...
Monday, 02 March 15
BORYEONG POWER PLANT OF KOMIPO TO IMPORT 140K OF SUB-BITUMINOUS COAL FOR Q2
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 140,000 (70 ...
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- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- The University of Queensland
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
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