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