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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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Wednesday, 23 July 14
HARD COAL 2013: THE WORLD'S SECOND-MOST IMPORTANT ENERGY SOURCE AND GUARANTOR FOR THE SECURITY OF ENERGY SUPPLIES DURING TIMES OF CRISIS
Hard coal is again in 2013 the fastest-growing fossil primary energy source in the world. As shown in the BP Statistical Review 2014, it covered ab ...
Tuesday, 22 July 14
INDONESIAN ELECTION RESULT ENCOURAGING FOR FOREIGN INVESTMENT IN ENERGY AND MINING SECTORS - WOOD MACKENZIE
Joko Widodo-Jusuf Kalla has been announced as the official winner of Indonesia's presidential election. Joko Widodo, or Jokowi, is viewed as a ...
Tuesday, 22 July 14
THE CURRENT COAL PRICES ARE UNPROFITABLE FOR MINERS; COAL PRICES WILL GRADUALLY INCREASE - FITCH
COALspot.com: The Fitch Ratings expect the benchmark Newcastle coal prices (currently at about USD70/MT) to gradually increase.
Fitch's la ...
Tuesday, 22 July 14
SUB-BIT FOB INDONESIA COAL Q3' 14 DOWN 5.21%; Q4' 14 DOWN 3.56%; Q1' 15 DOWN 4.75% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 flat on day, weak week on week and on month according to AsiaClear OTC coal swap' ...
Tuesday, 22 July 14
INDONESIA'S MINERAL EXPORT BAN: CHINA UNDER PRESSURE? - CLARKSONS
In January 2014, Indonesia introduced new regulations on exports of unprocessed minerals. Exports of some minerals have been heavily taxed, whilst ...
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- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
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