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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, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
Wednesday, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
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- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
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