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Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
 During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US, will not face a hard landing and will maintain a medium/high growth for the long run! Beijing has set a minimum 7.5% annual growth. Mr Li, refrained from rolling out any strong stimulus package to support his government’s target, and instead said that policy will focus more on “targeted measures” to secure and ensure a sustained rate in the future. The Chinese economy expanded 7.4% in the first quarter of the year, down from an increase of 7.7% in the fourth quarter of last year.
IMF's forecast for 2015 is around 7% which is lower than the government's long run target of 7.5%, so it will be interesting to see what Beijing will do to contradict the “Cassandras”. Decreased demand for coal and iron ore, together with a depressed grain season is mostly responsible for today's market levels. The BDI at the timing of writing stands at 867 points, led by the weakest panamax rates seen over the past 20 months.
During the first half of the year, iron ore imports by China fell largely due to seasonality. Additionally to this, stockpiles at Chinese terminals, which have provided a safety valve in an oversupplied market by restocking the commodity, are currently very close to cover their physical storage capacity, hence further restocking can only be done to a limited extent. These facts, together with the “colossal” supply of tonnage, have put pressure on rates for capes and panamaxes.
On the other hand, iron ore trade in the second half of the year and especially fourth quarter is expected to pick up due to the seasonality of the trade. This together with the fact that shipments out of Brazil have yet to break out of their previous highs and have only recently shown signs of strength, can provide a great support for rates. This is also important because shipments from Brazil take much longer to deliver than shipments from Australia, therefore adding more tonne-miles to the mix. So if iron ore exports out of Brazil do rise out of their sideways trend for 2014, a much larger number of Capesize and Panamax vessels should be demanded over the long term, something which should eventually lead to a spike.
On the smaller sizes, South American grain season was off to a slow start. Traditionally exports from Brazil and Argentina tend to rise in April and start cooling off in July. April's exports this year stood at 12mil tonnes compared with the 16mil tonnes last year. One could say that economic issues in Argentina and its depreciated currency could have influenced farmers in keeping their crops in order to sell them at a later date. This remains to be seen, however for the time being a poor grain season has put a lot of pressure on smaller sized vessels. North America's crop output this year is expected to be high, however it usually peaks from September onwards, hence the impact shall not be seen over the summer.
Weak charter rates and poor market sentiment paired with over inflated asset values, has led to a slowdown in activity in the second hand and new building markets. The price gap between Sellers’ and Buyers’ ideas has become wider with many Sellers having decided to withdrawn their assets from the snp market and possibly return sometime during Q3-Q4, believing that by then freight rates will have recovered and hence asset prices will have firmed. This is definitely a risky decision for those who want/have to sell because if the market doesn't recover by the end of the year as most expect, then the pressure will be much more on the Sellers’ side and therefore they will have to bridge the gap by moving down to Buyers’ ideas and offering even bigger discounts off last dones than those currently required.
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 18 June 14
CHINESE STEEL PRODUCTION SETS RECORD DURING FIRST TEN DAYS OF JUNE - COMMODORE RESEARCH & CONSULTANCY
Recently released data shows that average daily crude steel production at China's key steel mills hit a record high of 1.833 million tons durin ...
Wednesday, 18 June 14
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Back in January the expectations for Q3 and Q4 were more than great. Talks and claims for a rising BDI and a healthy market were coming from everyw ...
Tuesday, 17 June 14
DRY BULK FREIGHT RATES TO RISE DURING THE SECOND HALF OF 2014, AS CHINA IS EXPECTED TO START IMPORTING MORE IRON ORE FROM BRAZIL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its latest analysis of the dry bulk market, BIMCO said that it doesn’t expect freight rates to react significantly to increased demand bef ...
Monday, 16 June 14
INDONESIAN COAL SWAPS FOR Q3 DELIVERY FALL 2.34 % MONTH ON MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 16 June 14
API 8 CFR SOUTH CHINA COAL SWAPS FALL CONTINUES THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.34 percent month on month and closed at US$ 71.05 per mt a ...
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Showing 3651 to 3655 news of total 6871 |
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- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- PTC India Limited - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
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