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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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Thursday, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
Thursday, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Tuesday, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
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- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
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