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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, 21 January 15
SHIFT IN INTERNATIONAL COAL TRADE TO THE PACIFIC BASIN WILL CONTINUE - IMF
COALspot.com: The shift in international coal trade to the Pacific Basin will continue, IMF said in its latest Medium-Term Coal Market Report.
...
Wednesday, 21 January 15
MARKET INSIGHT - VASSILIS LOGOTHETIS, INTERMODAL
The World Bank has lowered its forecast for global growth in 2015 to 3% down from its previous level of 3.4% amid rising concerns over the economic ...
Wednesday, 21 January 15
THERMAL COAL PRICE OUTLOOK DEPENDENT ON INDIAN IMPORT DEMAND - MATTHEW BOYLE, CRU
COALspot.com: Supply and demand side developments in India will be an important determinant of future market dynamics and prices for thermal coal a ...
Wednesday, 21 January 15
PORT OF NEWCASTLE COAL EXPORTS JUMP 16.19% ON MONTH TO 15.80 MIL MT IN DECEMBER' 14
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.136 billi ...
Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
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- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
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