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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, 18 July 14
3RD CHINA INTERNATIONAL SHALE GAS SUMMIT
Building on the massive success of the past 2 shale gas programs that has generated huge success by attracting 500+ industry players, and intrig ...
Friday, 18 July 14
US WEEKLY COAL PRODUCTION UP BY 1.4% TO 18.3 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 17 July 14
PANAMAX : MARKET HAS COOLED DOWN AGAIN TO LOW AND DEPRESSED LEVELS
Handy
The supra market remains pretty flat in the Atlantic while for the smaller sizes there has been little reported with ships chasing business ...
Thursday, 17 July 14
INDIAN GOVERNMENT WISE TO TAKE ADVANTAGE OF CURRENTLY LOW THERMAL COAL PRICES AND SHIPPING RATES - JEFFREY LANDSBERG
With thermal coal import prices (and also shipping rates) very low at present, India's government would be very wise to take advantage of curre ...
Wednesday, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but in ...
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- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- The University of Queensland
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
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