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Wednesday, 20 August 14
DRY BULK MARKET TO REBOUND IN THE FOURTH QUARTER, OR NOT....- NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The projected rebound of the dry bulk market is still an elusive trend and shipbrokers and analysts are looking to identify the timing of the looming rally. According to the latest monthly report from shipbroker Intermodal, “it has without a doubt been “a cruel, cruel summer” for the dry bulk market so far and with second hand values still standing high com-pared to last year, the anticipation for the freight market to recover, feels a bit more intense than usual. So what could Q4 be holding for dry bulkers? Are we in for a similar end of year surge like the one witnessed last year”, wondered Eva Tzima, Research Analyst with Intermodal.
According to the analyst, “in the case of the Capesize segment, all eyes are currently turned on China and the iron ore trade. In the beginning of the month, stock-piles at the country’s ports stood at record high levels. Although high levels of iron ore inventory usually reflect that strong steel production is anticipated, it doesn’t look like this is the case here. While steel production levels have been kept high throughout the first half of 2014, profits for the steelmaking industry have been sluggish. This most likely means that production remained at high levels through-out the year due to the Chinese government’s efforts to sustain growth with direct investments in the industry and in anticipation of greater future demand, a demand which has yet to be witnessed”.
Tzima added that “the continuously declining price of the commodity, which in June reached its lowest level since September 2012 has also sustained port inventories at high levels, despite the fact that end demand wasn’t keeping up pace. If we look back in the summer of 2013 things were dramatically different, with port inventories standing well below the historical average, at around 70 million tonnes, compared to 113.65 million tonnes a few weeks ago. Since the restocking started in September of 2013, inventory levels have been on an upward trend, currently leaving little space for aggressive imports and even less room for Cape rates to thrive in the same way they did during the last quarter of last year.
Moving on to the smaller size segments, the upcoming grain season is what the market is currently focusing on and it looks like grains might come to the rescue this year as well. Europe has been witnessing excessive rainfall lately and as a result, the harvest, in France, Germany and other traditional grain producers, is being delayed and its quality jeopardized” she noted.
According to Intermodal’s analyst, “this means that the EU will have to intensify its imports and consequently help seaborne trade volumes, with business in the Black Sea being the first beneficiary in line. In fact, Russia is currently exporting wheat at record pace, as despite sanctions short term finance has not been affected and therefore wheat trade is not being obstructed. Ukraine’s exports are also due to keep the Black Sea busy, while both countries are experiencing a near record harvest”.
Meanwhile, “moving on to the other side of the Atlantic, the US has been con-firming that a bumper harvest is expected, while at the same time prices for the US grains have been fairing at very attractive levels. Similarly to the last quarter of 2013, it looks like Brazil will once again play an important role in the performance of the USG business in the following months. The country has temporarily eliminated the Common External Tariff, which is traditionally imposed on imports from non-Mercosul countries. An identical policy was set last sum-mer, just in time before North American wheat cargoes en-route to Brazil started flooding the USG and pushing rates for the geared sizes up. With Brazil being uncertain as to whether Argentina would be able to satisfy this year’s demand either, the country has again distanced itself from its traditional wheat supplier and a similar rec-ord volume of US imports is anticipated this year as well”, she noted.
Tzima concluded that “so it could well be the case that during Q4 we end up witnessing a market of two speeds, with the performance of the Capesize market lugging behind that of the geared sizes, as China appears to have turned its back on Capers for now. We are always in for a good surprise that could come in the form of stronger stimulus by the Chinese government or an upward revision of global growth. Any hypothesis aside though, my sense is that we have hyper inflated our expectations for the last quarter of the year, in the same way we did at the end of 2013 for the entire 2014, while in terms of tonnage performance; bigger might not be better this fall”.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Saturday, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative f ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
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- Bangladesh Power Developement Board
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
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