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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, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market de ...
Tuesday, 15 July 14
INDONESIA'S TOTAL COAL PRODUCTION REACHED ANOTHER HIGH DURING THE FIRST SIX MONTHS; GOVERNMENT EXPECTED TO RAISE ROYALTIES
COALspot.com: Indonesia's total coal production reached 213 million tons during January through June, up by 7.6 percent y-o-y. Coal output in I ...
Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely avail ...
Monday, 14 July 14
SGX SUB-BIT FOB INDONESIA COAL SWAP FOR Q4' 14 DELIVERY CLOSED AT $ 54.80
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, 14 July 14
SGX CFR SOUTH CHINA COAL SWAP FOR Q3' 14 LOST 17.29% SINCE EARLY JANUARY 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. API 8 CFR South China Coal swap for delivery in Q3 drops U ...
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- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
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