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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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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 ...
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 ...
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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- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- VISA Power Limited - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
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