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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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- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- The University of Queensland
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
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