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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, 14 January 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In Oil we trust! The Barrel price has declined by almost a third in comparison to the 2014 January and has being on the downhill since early last s ...
Wednesday, 14 January 15
COMMODITIES AREN'T PRIMED FOR A REBOUND DURING 2015: SHIPPING COULD BENEFIT FROM LOWER PRICES - ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In the recent past, higher commodity prices were driven by an increase in demand from developing countries, which spelled good news for ship owners ...
Wednesday, 14 January 15
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1 DELIVERY CLOSED AT US$ 46.97 PMT
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 declined month on month and week over week.
The Q1 swap has fell US$ 1.53 (-3.15 ...
Wednesday, 14 January 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED 4.51% LOWER COMPARED TO Q1' 15 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.56 per MT (-3.0%) month over month and US$ 1.03 (-2.0%) week ove ...
Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
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- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Anglo American - United Kingdom
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Australian Coal Association
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
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