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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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Sunday, 15 February 15
BALTIC DRY INDEX CONTINUALLY DIPPED IN RED
COALspot.com: The Baltic Dry Index continues its decline and fell 5.18 pct to 530 points week on week due to falling commodity prices and declining ...
Saturday, 14 February 15
SHALE GAS AND TIGHT OIL ARE COMMERCIALLY PRODUCED IN JUST FOUR COUNTRIES - EIA
KNOWLEDGE TO ELEVATE
The United States, Canada, China, and Argentina are currently the only four countries in the world that are producing com ...
Friday, 13 February 15
U.S. WEEKLY COAL PRODUCTION SHOWS 10% DECLINE
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.1 million short tons (mmst) of coal ...
Friday, 13 February 15
SMALL AND MEDIUM-SIZED SHIP OWNERS SQUEEZED OUT OF THE MARKET ON CRASHING DRY BULK MARKET AND EUROZONE CRISIS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Financing issues have started to tighten the noose in the throats of small and medium-size ship owners, who were already facing problems over the p ...
Thursday, 12 February 15
CAPESIZE: THE BEST DESCRIPTION FOR THE MARKET IS, FLAT - FEARNRESEARCH
Handy
The handy and supra market is also being affected by the marginal volume of activity in the commodity sales. We see a small upturn in the T ...
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- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
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