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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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Sunday, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
Thursday, 05 February 15
ULTRAMAX LEVELS FROM INDIA TO CHINA IN THE MID US$ 5000'S - FEARNLEYS AS
Handy
Despite the overall weak sentiment, there is a scent of optimism in the Atlantic market for ppt dates. Continent is still struggling with o ...
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- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Planning Commission, India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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