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