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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 most ship owners. In fact, with the FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is still the “name of the game” in the dry bulk market. In its latest report, shipbroker Intermodal noted that “apart from 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”.
Attempting to provide some insight as to what factors have contributed to this negative development, Intermodal’s SnP broker, Mr. Yannis Olziersky said that “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”.
At the same time, “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”, Olziersky said.
The shipbroker’s analyst added that “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”.
According to Olziersky, another silver lining could be the fact that “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”.
He concluded his analysis by noting that “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””, he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
Sunday, 08 March 15
FREIGHT RATES FROM INDONESIA TO INDIA IS TRENDING UP
COALspot.com: The freight market continued to see gains this week and all the indices were rose except for Cape index. The BDI was increased 4.62 p ...
Friday, 06 March 15
BALTIC DRY INDEX: IS THIS POWERFUL INDICATOR SIGNALING A GLOBAL RECESSION? - STREET AUTHORITY
Although memories of the Great Recession linger, a case can be made that better days lie ahead.
That’s because central banks around the ...
Friday, 06 March 15
U.S. WEEKLY COAL PRODUCTION ROSE 3.5% WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.1 million short tons (mmst) of coal ...
Thursday, 05 March 15
PANAMAX : THE ATLANTIC ROUND IS NOW PAYING AROUND US$ 5K PER DAY
COALspot.com: Handy - The activity in the handy/supra segment is back. “ We see more fresh cargo in the market for 2nd half March dates ...
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- Carbofer General Trading SA - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
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