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Wednesday, 23 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
 In Australia, the world’s largest mining group, BHP Billiton, will beat the iron ore export target of more than 220 million tonnes for 2014. The world’s second largest mining group, Rio Tinto, is also ramping up its production of low-cost iron ore and following the port infrastructure upgrades completed early next year, the company expects to export at an annual rate of 360 million tonnes starting 2015 onwards. Vale, in third place, is competing with the geographically well placed Australian mining majors who can nowadays ship from Dampier to China abt 160,000 metric tons of iron ore on a 2007 built capesize bulk carrier at a rate of only US$ 7.7 per tonne.
The question is if and when these production rates will boost the declining capesize market. The high output of iron ore from low-cost producing countries such as Australia and Brazil coupled with the fact that almost 20%-30% of the domestic Chinese iron ore mining groups have closed, is a good sign. Looking at the Chinese demand on the other hand, construction activity is thin during the summer and the inventory of imported iron ore stockpiled at major ports still stands at the high levels of approximately 113.6 million tonnes as of last Friday.
The very low freight rates for panamax bulk carriers are apparently correlated with the current dynamics in the seaborne trade for coal and grain. The coal industry for example is in freefall mainly as a result of the overhang of low-cost supply and subsequently the current freight rates for such vessels loading from major coal exporting countries are very low. There are also major environmental concerns when it comes to coal trade in general and moving forward this will have an impact on global trade. Part of the US President Barack Obama’s policy is to significantly reduce the emissions from the coal-fired power plants, so that means there will be an interesting effect on domestic demand for US coal. On the other hand, US coal exports to major consumers in Asia are also volatile since they face competition from Australia and Indonesia. In India, Coal India Limited (CIL) the world’s largest coal miner, has failed to raise its output fast enough forcing India to import millions of tonnes for its thermal power plants in a country where more than 50% of the country’s electricity is generated using coal. Insufficient reserves are particularly problematic this year in India however it is not clear if this will have an actual effect on the freight rates in the panamax segment.
For panamax owners carrying soymeal grains, specifically the ECSA to China route was promising as usual but it still takes too long for the soymeal cargoes to reach the loading ports, coming out mainly from Brazil and Argentina. As a result, freight rates now have tumbled for such cargoes ex ECSA. We can still notice the long waiting times at the loading ports and the cancellations from the Chinese importers who are affected by the loss-making soya meal prices in the Chinese market. Many ship operators expected a repeat of last year’s strong seasonal soybean volumes so early this year ballasting to ECSA was considered as promising, however ultimately the number of available cargoes was not substantial, especially for all those 100 vessels that were all repositioned within February.
From our perspective, it’s always good to see good high production levels especially from major groups in the main dry bulk industry that could eventually drive the freight rates up at some point in the future, let’s just hope that it will happen soon.
By Christopher T. Whitty
Marketing Manager - Harbour Towage & Port Agency
Cotzias Intermodal Shipping Inc.
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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Monday, 04 August 14
Q1' 15 API 8 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 69.37 ON 1 AUGUST 2014; A $ 1.10 HIGHER COMPARED TO Q4' 2014 CLOSING
COALspot.com: Coal swap prices are showing a positive move upward this past week. API 8 CFR South China Coal swap for Q4, Q1 and Q2 2015 show ...
Sunday, 03 August 14
LACK OF COAL SHIPMENTS FROM FAR EAST/SE ASIA, THE PRESSURE ON CHARTER RATES CONTINUED THIS WEEK
COALspot.com: This week, the freight rates were almost flat as charter rates were also almost steady from last week.
The BDI was up by 2.59 pc ...
Friday, 01 August 14
UNCERTAINTY IN ASIAN COAL MARKETS WHERE INDEX-LINKED PRICING DOMINATES - SGX
COALspot.com: In the past 3 years, seaborne thermal coal markets have been in a state of constant oversupply.
Reuters expects this oversupply ...
Friday, 01 August 14
U.S PRODUCED 19.4 MMST OF COAL IN A WEEK, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Thursday, 31 July 14
CAPESIZE: CARGO VOLUMES, COAL IN PARTICULAR, PRESENTLY NOT SUFFICIENT TO EMPLOY A GROWING FLEET - FERNLEYS
Handy
Both the Atlantic and Pacific has improved in the supramax segment over the last week, said Fernleys in Its latest weekly report . There we ...
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- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
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