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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.
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Thursday, 17 September 15
LOW DEMAND PUSH COAL SWAP DOWN
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and gain week over week.
The 4Q swap declined $ 1.77 (-4.17%) ...
Thursday, 17 September 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
Having experienced, as it was much anticipated, a poor 1st half combined with negative forecasts, summer, in sharp contrast, proved to be more hope ...
Wednesday, 16 September 15
SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES LED A DECLINE IN INDONESIAN COAL PRODUCTION
COALspot.com: Slower growth in world coal demand particularly China and lower international coal prices have led to a decline in Indonesian coal pr ...
Wednesday, 16 September 15
HIGHER TAXES COULD LEAD GREEK SHIP OWNERS OUT OF THE COUNTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
A potential taxation overhaul of the shipping industry in Hellas, which could see the loss of particular tax benefits for ship owners, could lead t ...
Tuesday, 15 September 15
WORLD SEABORNE TRADE: ENTERING INTO A ROLE REVERSAL? - CLARKSONS
Over the past decade, world seaborne trade growth has been dominated by dry bulk and container trade. However, developments in the global economy t ...
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- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- The University of Queensland
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Videocon Industries ltd - India
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