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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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Friday, 28 August 15
DRY BULK SHIP OWNER OPTIMISTIC ABOUT FUTURE PROSPECTS OF THE MARKET: NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk ship owner Golden Ocean appeared optimistic on the long term prospects of the dry bulk market, mainly thanks to an expected resolution of ...
Friday, 28 August 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING AUGUST 22 ROSE FOR THE THIRD STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.5 million shor ...
Friday, 28 August 15
BANPU STRENGTHENS GROWTH PLAN
Coal Business: Asia-Pacific Synergies Increase Competitiveness for Premium Export Market.
Banpu Public Company Limited (BANPU) strengthens its ...
Thursday, 27 August 15
RATES FOR CAPES REMAINED ON A FREE FALL LAST WEEK - INTERMODAL
COALspot.com: Keeping everyone on their toes with the volatility seen in August, the Dry Bulk market undoubtedly remains a steady provider of chall ...
Wednesday, 26 August 15
MARKET INSIGHT - STRATOS TINIAKOS
It’s always interesting to comment on the market when big economies around the world are facing troubling times. Following the collapse of th ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Australian Coal Association
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
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