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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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Tuesday, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
Monday, 12 January 15
SHIPPING - CHALLENGES AND RESOLUTIONS - EVA TZIMA
Last year has without a doubt been another challenging one both for both our industry and our country. As Greece is currently dominated by election ...
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- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Central Electricity Authority - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
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