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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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Wednesday, 04 February 15
MARKET INSIGHT - LINOS KOGEVINAS
It has been just about over 2 months since, in a move that surprised many and caused widespread apprehension, OPEC decided to maintain its producti ...
Tuesday, 03 February 15
Q1'15 FOB INDONESIA COAL SWAP CLOSED $ 3.29 HIGHER COMPARED TO Q4'15 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 rose week over week and month on month.
The Q1 swap up US$ 0.68 (+1.41%) month o ...
Tuesday, 03 February 15
FOB NEWCASTLE COAL SWAP FOR Q4 DELIVERY CLOSED 5.86% LOWER THAN Q1 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery rose US$ 0.26 per MT (+0.51%) week over week and declined US$ 0.02 (-0.04%) ...
Monday, 02 February 15
API 4 FOB RICHARDS BAY COAL SWAP ROSE WEEK OVER WEEK
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has decli ...
Monday, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
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- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- The University of Queensland
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Parliament of New Zealand
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Renaissance Capital - South Africa
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