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Thursday, 26 November 15
DRY BULK MARKET WILL REBOUND EVENTUALLY, BUT THINGS WILL BECOME EVEN WORSE BEFORE THEY IMPROVE SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 As the dry bulk market’s benchmark, the Baltic Dry Index (BDI) reached an all-time late last week and has failed to rebound significantly ever since, it seems that many analysts and shipbrokers were caught by surprise, since they were admittedly expecting a better performing market during this period of year. However, as Allied Shipbroking pointed out in its latest weekly report, “it seems as though trade is at a much more dire state than what had been expected. During the past two months the slowdown has intensified, with the volume of cargoes in the market greatly outnumbered by the glut in tonnage supply and most market fundamentals pointing to extra deterioration in the balance down the line”.
According to Allied, “one of the main issues has been the aggressive and inward focused approach by most governments with regards to their exports and imports. Trade barriers seem to be lifting right, left and center, with the biggest focus of late been thrown on steel products. The issue here is that the excess supply coupled with slower economic growth leaves little room for beneficiary trade deals to be struck especially as most governments focus on aiding their own ailing industries. This “inward focus” leaves dry bulk shipping, in particular, in a very “sticky mess”. The vast orderbook which had been managed fairly well under the given circumstances is still presenting to be a grand issue and with deliveries scheduled to intensify during the next twelve months the problem will only get bigger for the time being”.
At the same time, as Allied’s Head of Market Research & Asset Valuations, Mr. George Lazaridis pointed out, “it isn’t enough that only one size segment manages to hold back it’s fleet growth as the recent market trend has shown. The BDI may have reached its lowest point but all the individual sub-indices are still above their historical lows. This in part shows how it hasn’t been one size segment that has drown down the market average, but rather that all of them have reached fairly low levels, further showing the intense influence they now hold on each other. With such “sour” sentiment abound it is hard for any owner to take a strong stance when it comes to negotiating with cargo owners to push for better freight levels and while bunker prices have helped reduce voyage costs they have also in part help breakdown the “slow steaming” policy (in effect increasing the supply of vessels further)”.
Lazaridis went on to note that “the biggest scare for now is what the market will do in early 2016, were we typically witness a further drought in requirements during the Chinese New Year festivities. There is no guarantee of the actual direction the market will take as was pointed out this year during the highs reached in August (a seasonally low point in the market) as well as the current market trend (which is during a period in the year which is typically a seasonally high point in the market). Overall however even if a new low in the BDI is not hit during the first quarter of 2016, expectations are for a fairly low average freight rate to be achieved for the whole of the coming year. We will surely see an-other great effort in minimising the growth in the dry bulk fleet which should in part limit the excess supply of tonnage in the market, yet we will still need to see a drastic change on the demand side as well, something that as it seems can only come about by external market forces which can be highly unpredictable”, he said.
Allied’s analyst concluded that “for the time being we will just have to make do with the current market psychology that has engulfed us all, trying to turn turmoil into opportunity and as asset prices continue to tumble to levels never before seen, it will be the patient opportunists that will be able to squeeze the most out of this market trough once more”.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
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- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- The University of Queensland
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
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