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Wednesday, 09 December 15
DRY BULK EXPERIENCES THE PERFECT STORM - PANOS TSILINGIRIS
 Dry bulk experiences the perfect storm as the slowing of demand predominantly because of China sat atop the exaggerated oversupply. The BDI broke twice its all-time lows in February and in November when it closed at just 498, with the average of dry average returns being in the region of $3,500-5,500/day, i.e. at or below OPEX. It is not a matter anymore of how low it will go (as it is already there), but how long it will last, said Intermodal in its latest report.
According to Panos Tsilingiris of Intermodal, the FFAs, which allegedly contribute to price discovery (note: I have my reservations against this thesis) are by no means optimistic. Cape and Panamax BFAs Calendar 2016 and 2017 are at or just in excess/below OPEX. Supras, which have so far somewhat withstood the collapse and outperformed Panamaxes, are poised to suffer as well, also due to the massive Ultramax orderbook.
The broker further noted that, if demand does not ‘restart’ and BFAs are proven to be correct, the ongoing severe dry bulk crisis may even have implications similar to the 1980s one, albeit still not the base case scenario. The market along with regulatory considerations will force pre-2000 built Vessels as well as more modern but poor-maintained or non-commercially viable Vessels to either flirt with scrap or be ostracized to domestic/inferior trading.
The Intermodal further added that, being tempted by the close to 15-year nominal lows in asset values, we studied acquisitions in 10-year old quality Capesize, Panamax and Supramax Bulkers under a 5-year investment horizon. We considered purchases at the prevailing levels and being conservative we assumed heavy OPEX/Drydock costs and residual values reflecting two pessimistic scenarios: (i) scrap or (ii) sell at current depressed values.
The striking discrepancies between historical vs. current and projected market conditions imply significant structural differences. The resulting break-even rate is half or less than the historical averages but still higher than the BFAs projection for the 2016-17 years. The downside risk is getting squeezed while the upside is rising. In my view it is a buy!, the Greece based ship broker concluded.
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Monday, 23 November 15
NEGATIVE 2016 OUTLOOK FOR WESTERN EUROPEAN STEEL - SAYS FITCH RATINGS
COALspot.com: European steel in 2016 are both negative for the sector and for issuer ratings.
This reflects our expectation that import levels ...
Monday, 23 November 15
DRY BULK MARKET: NET FLEET GROWTH IS SLOWING DOWN, AS SHIP OWNERS ARE LOOKING FOR WAYS TO ALLEVIATING MARKET MELTDOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been in “meltdown” mode for a few weeks now, unable to find support and avoid the fall in historical lows. As s ...
Monday, 23 November 15
CS50 COAL INDEX CLOSED AT $40.27 PER TON; FELL 0.15% FROM LAST WEEK
COALspot.com: The 5700 GAR CS (i) coal index fell by US cents 3 per ton week over week on 20 November 2015. CS 57 (5700 GAR coal) index closed at U ...
Monday, 23 November 15
CFR SOUTH CHINA COAL SWAPS FALL FURTHER ON LOW DEMAND
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 6.75 (13.99%) per ton month over month.
A commodity swa ...
Sunday, 22 November 15
INDONESIA TO INDIA FREIGHT RATES TO REMAIN DULL NEXT WEEK
COALspot.com: The BDI was down to historical lows closing at 498 points which is down by almost 95.77 per cent compared to 11,800 points in 2008.
...
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Showing 2696 to 2700 news of total 6871 |
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- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- The University of Queensland
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
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