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Monday, 18 August 14
CAPESIZE RATES TO RISE TO MUCH HIGHER LEVELS THIS YEAR - JEFFREY LANDSBERG
 COALspot.com: Capesize rates ended last week at $15,561/day, which marked a week-on-week increase of $6,167 (66%). Capesize rates have been able to rise by such a large amount so quickly, as vessel availability in both the Atlantic basin and Pacific basin have become tighter. Going forward, demand for capesize vessels is poised to rise even further as both Australian and Brazilian iron ore production is set to rise much further through the end of the year (the most significant element is that Brazilian iron ore production is set to rise by an extremely large amount and much less capesize vessels are available in the Atlantic basin -- discussed in greater detail below).
Coal shipment volume is also increasing in both the Atlantic and Pacific.
European coal port stockpiles are at lows not seen since April, Indian power plant coal stockpiles are at critical lows, and China's annual seasonal rise in rainfall (and hydropower production) is coming to end. Demand for coal in Europe, India, and China has increased this month and is set to find greater support during the upcoming months. This is supporting the capesize market, panamax market, and handymax market.
In total, 10 dry bulk vessels (including 9 Capes) were chartered to haul Brazilian iron ore cargoes in the spot market last week. This was 4 more than were chartered during the previous week and the most chartered in any single week since the first week of July. Vessel availability in the Atlantic basin has already been tight and the increase in demand for vessels to ship Brazilian iron ore cargoes is leading to a strong increase in capesize rates. Much more Brazilian iron ore will be exported during September through the end of the year, and capesize rates are set to rise to much higher levels this year. In particular, Vale's total iron ore shipments during the second half of this year are expected to total at least 176.3 million tons, which would mark a huge increase of 31.6 million tons (22%) from shipments seen during the first half of this year.
The first half of this year saw a considerable decrease in Brazilian iron ore shipments (which is normal), while second half of the year is seeing a huge jump in Brazilian iron ore shipments (which are going to increase much further during the upcoming weeks and months).
Capesize rates are finding significant support now as a result, and are set to rise to much higher levels. Both Atlantic basin and Pacific basin capesize availability will become much tighter. It is not just Vale increasing iron ore production -- all three of the major iron ore miners in Australia are also further increasing iron ore production through the end of this year.
Demand for coal in Europe, India, and China has also increased recently and is set to find more support during the upcoming months. At the same time, the capesize fleet is now growing by only a relatively small amount. In China, there also remains great demand for imported iron ore. Not surprisingly, iron ore imports surge again last month reaching a robust 82.5 million tons (the third largest amount ever imported). Chinese steel mills continue to consume a much greater amount of imported iron ore over domestic iron ore this year.
Steel mills have benefited greatly from the large decline in iron ore import prices seen this year and also continue to favor the consumption of iron ore imports, as imports are of much higher quality than domestic iron ore mined in China and pollutes the environment much less. These factors are all supporting the capesize market.
- Commodore Research -
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Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- South Luzon Thermal Energy Corporation
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
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