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