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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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Friday, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. L ...
Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
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- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
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