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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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Monday, 07 September 15
CFR SOUTH CHINA COAL SWAPS ROSE 1.1 PER CENT WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.52 (3 %) per MT month over month.
A commodity sw ...
Sunday, 06 September 15
AUTOMATION AND TECHNOLOGY IS CERTAINLY PART OF THE SOLUTION FOR IMPROVING PERFORMANCE AND EFFICIENCY TO MAKE THE MINE OPERATIONS MORE PROFITABLE, HOWEVER............ - LUKE JALSEVAC
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Luke Jalsevac, Director, Busines ...
Sunday, 06 September 15
THE CAPE SIZE INDEX ROSE 10.83 PER CENT WEEK OVER WEEK
COALspot.com: The BDI, the Baltic exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, declined o ...
Saturday, 05 September 15
DRY BULK MARKET MAY SUFFER NOW, BUT IS BOUND FOR A RECOVERY THANKS TO A LIMITED FUTURE FLEET GROWTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The slow increase of dry bulk tonnage growth this year could turn into a solid indicator of the market’s future prospects. According to a rec ...
Friday, 04 September 15
U.S. COAL PRODUCTION FOR THE W/E AUGUST 29, UP SLIGHTLY; FALL 4.5 PERCENT Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.7 million shor ...
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- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- The University of Queensland
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Planning Commission, India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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