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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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Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
Friday, 30 January 15
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED 65.7 MMST
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.9 million short tons (mmst) of coal ...
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- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Trasteel International SA, Italy
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- PTC India Limited - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- The University of Queensland
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
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