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Wednesday, 24 June 15
PANAMAXES: THE OUTLOOK REMAINS NEGATIVE AS DEMAND FOR COAL IS DIMINISHING - YANNIS OLZIERSKY
 As we get closer to the end of June, we can safely say that the 1st half of the year is leaving the dry bulk market with a bitter taste that we all wish to forget. The BDI was fluctuating around its lowest point ever recorded for the entire first half. The last two weeks though have given a much needed lift to the market, which nonetheless will need further momentum to make some actual difference in both sentiment and returns. Whether this momentum will be found in order to stabilize market rates at least above OPEX, is something that is hard to predict. However, and since we are coming out of the "dusk" of H1 and slowly moving towards the "dawn" of H2, a recap in titles could be of interest to our readers.
Starting with Capers, levels are currently at the highest point since January. With the Chinese iron ore inventories at their lowest point since November 2013 and with the price of iron ore at slightly above $60/ton, a mild recovery in terms of traded volume is expected. On the supply side, heavy demolition activity in H1 (more than 10mill dwt have been demolished since the beginning of the year) together with slippage, cancellation and conversions of dry bulk orders to tankers or containers, is restricting the growth of an already oversupplied market. On the other hand, China’s decision to support Vale’s iron ore expansion plan, may lead to an increase in iron ore supply. One would think that such decision would help the market recover on the back of tonne miles increase, however since most of Vale's transported iron ore will be shipped in Valemax ships the positive effect on rates will be hard to materialize.
On the Panamaxes, although rates have not seen today's levels since December 2014, the outlook remains negative as demand for coal is diminishing. Environmental concerns in many nations and especially in China have pushed towards usage of cleaner resources of energy. As a result, coal imports have declined significantly YoY and a revival is hard to be expected despite the fact that other big economies like India are increasing demand but doing so in a more moderated level. On the other hand, some support could be founded in the grain market on the back of the increased production of exporting countries like US, Canada and Brazil.
On the smaller sizes, Supramaxes have found support in the Atlantic thanks to grains and petcoke cargoes. India's high petcoke imports from the US have helped increase tonne miles in the sector, while in the Pacific, rates are also correcting upwards on the back of bauxite and nickel ore imports, with China being behind most of the latter. Handysizes are also trying to take advantage of the increase of shipments of both grains and other minor bulk commodities, however the impact on freights is moderate as charterers prefer to use bigger vessels for the transportation of commodities, especially for the Transatlantic trade.
In general, the market is being in doldrums and nothing exciting should be expected during the next couple of months, some spikes could give glimpses of hope. However, the next big thing will most probably be the fourth quarter of this year, a time when the market is traditionally advancing. What will happen this year remains to be seen with great interest. Therefore from the “dusk” of H1 till the “dawn” of the H2 nothing really crazy should be expected, apart maybe from some humans turning into vampires somewhere in a bar close to the Mexican borders...
By Yannis Olziersky
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 23 September 15
INDONESIA: NEW REGULATION APPLIES FINAL INCOME TAX TO MINERAL AND COAL SALES - FLORENCE GRACIA SANTOSO
To increase state revenue from the mining sector, the Government of Indonesia has imposed a new final income tax on any sale of mineral and coal, a ...
Tuesday, 22 September 15
1Q16 FOB INDONESIA COAL SWAP DECLINED 6.49 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 2.29 (-5.42%) per t ...
Tuesday, 22 September 15
FOB RICHARDS BAY COAL SWAPS FALL CONTINUES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Monday, 21 September 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED HIGHER THAN Q2' 16 SWAP
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery increased $0.43 per ton (1.01%) month over month to US$ 42.95 per ton. The ...
Monday, 21 September 15
CFR SOUTH CHINA COAL SWAP GAINED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 0.45 (0.90 %) per ton month over month.
A commodit ...
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- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- The University of Queensland
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
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