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Wednesday, 06 August 14
SHIPPING MARKET INSIGHT - EVA TZIMA
 Recent reports that Indonesia’s ban on exports of metal ore concentrates was lifted for the first time in six months for two of its biggest miners, is without a doubt good news for the Dry Bulk market and possibly the first good news in a while. Although this is the first of a number of stages that need to be reached before the flow of exports reaches pre-2014 levels, it is definitely a development towards the right direction.
Back in January this year, the parliament of Indonesia introduced regulations affecting the exports of raw ores. The government’s plan was to increase local processing of concentrated ores that would eventually allow for higher prices on exports. Under the new rules, ore concentrate exports such as; iron, gold, copper and zinc were heavily taxed, while in the case of nickel and bauxite exports were completely banned.
Although the country is most well-known for its coal production, when it comes to nickel and bauxite, Indonesian exports account for around 60% of the global seaborne trade. Indonesia is in fact one of the top two nickel producers worldwide, the ore of which is used for the production of nickel pig iron, essential to produce stainless steel, while bauxite is used to make aluminum. The major importer of both these commodities up to that point and key trading partner of Indonesia was China.
Since the ban came into effect, Chinese nickel imports have bottomed and despite the fact that China, in order to satisfy its demand, has turned to the Philippines, the reality is that Indonesian nickel ore is more suitable for feed stocking stainless steel and therefore the Filipino one can’t be the perfect replacement for it. Bauxite on the other hand is easy to replace but there are still issues like the higher cost when sourced from more distant regions, therefore Chinese imports are bound to remain suppressed until a suitable alternative source is found. But even in the case of other minerals, such as copper, that were not banned from being exported but the exports of which suffered mainly due to heavy taxation being applied, the net effect was pretty much the same; production was hammered and a big volume of cargoes said goodbye to the Asia Pacific market.
Supra and Handymax tonnage has been mostly affected by this ban, while the Panamax segment has also missed out on some important volume of business. Sebuku Iron Lateritic Ores (SILO) and Lumbung Mineral Sentosa, the two miners that recently agreed to pay the additional tax, have now shipped the first cargoes in six months. The importance of this recent development marks the beginning of a change in attitude by Indonesian producers, which could soon be coupled by a policy curb in taxation or even on the ban itself, especially if miners can prove the existence of plans to build smelting facilities locally.
The dry bulk trade in Southeast Asia is affected by a variety of patterns, and while Indonesian exports is one piece of the puzzle, it is quite an important one and one of those key issues that have been denying dry bulkers healthier business volumes in the Pacific. Once fully resolved, it is expected to give a strong boost to freight rates for Supra/Handymax tonnage in the region, and although for now this is only just a confidence boost, the truth is that these days the market is as hungry for confidence as it could be.
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, 06 August 14
CAPES: BUSINESS INTEREST REMAINS SOFT; CURRENTLY NO SIGNS OF IMPROVEMENT - INTERMODAL
COALspot.com: Despite the considerable pressure witnessed in the freight market for most of the size segments, the Dry Bulk Index was able to note ...
Wednesday, 06 August 14
SGX SUCCESSFULLY LAUNCHED NEW SGX COAL PRODUCTS
COALspot.com: Singapore Exchange (‘SGX’) has announced that, the exchange has successfully launched its new Coking and Thermal Coal pro ...
Monday, 04 August 14
ANNUAL SECOND HALF SURGE IN BRAZILIAN IRON ORE EXPORTS ABOUT TO BEGIN - JEFFREY LANDSBERG
COALspot.com: Great strength in the capesize market has all along been set to occur during the second half of this year, as that is when Brazilian ...
Monday, 04 August 14
SUB-BIT FOB INDONESIA COAL SWAP INCHES UP DESPITE LOW DEMAND
COALspot.com: Indonesian coal swaps for average Q4’ 2014 increased US$ 0.15 day on day and US$ 0.13 per mt week on week. But, the swap was lo ...
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 ...
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- Central Electricity Authority - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
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