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Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
 Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transitions from an investment-led economy to consumption-led. We expect PBOC to continue with monetary easing with weak data prints raising concerns over growth. US GDP grew at an anaemic pace of 0.2% in 1Q15, but jobs data for April was strong. Meanwhile, the manufacturing activity in Eurozone is reviving and deflationary pressures are easing, helping continued economic recovery.
Oil and bunkers:
Oil prices staged a tremendous rally in past month with Brent up almost 50% since their multi year lows. Falling rig numbers in US shale and geopolitical tensions in Yemen helped the market sentiment. However, the increase in OPEC output and refineries’ maintenance in the second quarter will keep oil prices in check, in our view. Lower oil prices will help lower the cash break-even for ship operators.
Gas shipping:
LNG freight rates fell to the lowest since 2010 because of subdued demand and higher vessel supply. Within LPG shipping, VLGC freight rates started picking up on the back of congestion at Indian ports and start of a seasonally strong 2Q15. Freight rates of small-sized vessels also registered marginal improvement. Gas shipping stocks delivered an average return of 6% in April.
Dry bulk shipping:
The dry bulk sector continued to face headwinds due to lack of cargo availability and vessel oversupply. We expect 2015 to remain challenging, even though we are hopeful of a mild recovery in 2016 because of high vessel demolition and lack of new ordering that will favourably tilt the market equilibrium. This is mirrored by stock performance of dry bulk shipping operators vis-à-vis their counterparts in the maritime space such liners, tankers and port operators.
Tankers shipping:
Tanker charter rates have moved northwards on the back of increased non-OECD consumption, higher refinery runs and margins, lower crude oil prices, greater floating storage and tight supply. At high charter rates and lower operating costs, tanker shipping companies are expected to post higher operating revenues and improved net earnings. We expect the sector will continue to outperform the wider shipping sector on firmer rates and underlying earnings momentum.
Port Operators:
Hong Kong-listed port operators underwent rerating in April because of policy implementation. As earnings are expected to take centre stage in May, we remain optimistic that the port sector as a whole will reflect the uptick in global trade and continue to outperform MSCI World Index.
Source: Drewry Maritime Equity Research | Hellenic Shipping
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Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
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- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- The University of Queensland
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- White Energy Company Limited
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- VISA Power Limited - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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