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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, 20 February 15
U.S. PRODUCED AROUND 19.2 MILLION SHORT TONS OF COAL WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.2 million short tons (mmst) of coal ...
Thursday, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
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- Marubeni Corporation - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- White Energy Company Limited
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
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