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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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Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
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- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- The University of Queensland
- Ministry of Finance - Indonesia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Australian Coal Association
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
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