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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, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
Wednesday, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
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- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- The University of Queensland
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
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