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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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Friday, 25 July 14
U.S WEEKLY COAL PRODUCTION UP AROUND 3.5% WEEK ENDED JULY 19
COALspot.com – United States the world's second largest coal producer, produced approximately 19.00 million short tons (mmst) of coal in ...
Thursday, 24 July 14
INDONESIA'S JUNE 2014 COAL EXPORT VOLUME DOWN 6.82%; AVERAGE SELLING PRICE DOWN
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.70* ...
Thursday, 24 July 14
HANDY: SOUTH AFRICA SOFTENED A BIT, HERE RATES ARE AT AROUND 8K +150K BB FOR TRIPS EAST - FEARNLEYS AS
Handy
The handy market in the Atlantic is going sideways and a tick down on low activity. Levels hoovering around USD 5k on Supras. The SMX marke ...
Thursday, 24 July 14
INDONESIAN COAL EXPORTERS ARE REQUIRED TO OBTAIN ET-BATUBARA UNDER LATEST TRADE MINISTRY'S NEW REGULATION
COALspot.com: Indonesia's trade ministry has issued regulation No. 39/M-DAG/PER/7/2014 which is requires exporters of power plant coal as ...
Wednesday, 23 July 14
PANAMAXES WERE BACK ON A DOWNWARD COURSE; CAPES WERE FEELING THE MOST PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market was on a downward spiral this week, with the BDI noting another week-on-week decline of the magnitude of 10% this ...
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- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- The University of Queensland
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
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