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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, 12 August 15
FOB NEWCASTLE COAL SWAP FLAT WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 0.98 per MT (-2.20%) month over month to US$ 43.65 per mt. The swap ...
Tuesday, 11 August 15
GLOBAL PRODUCTION OF CRUDE STEEL REACHED A NEW ALL-TIME HIGH OF 1,661M TONNES IN 2014 - VDKI
COALpot.com: Global production of crude steel reached a new all-time high of 1,661m tonnes in 2014, said German Coal Importer Association, in its l ...
Tuesday, 11 August 15
2016 CFR S.CHINA COAL SWAPS CLOSED SLIGHTLY HIGHER THAN 4Q 2015 CLOSING PRICES; BUT NOT SIGNIFICANT
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US cents 10 (0.20%) per MT month over month.
A commodi ...
Monday, 10 August 15
SOUTH KOREAN UTILITY KOMIPO INVITES BITUMINOUS COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 560,000 Metric Tons (MT) of 4,600kcal/kg NAR c ...
Sunday, 09 August 15
THE PANAMAX MARKET HAS REMAINED WEAK THIS WEEK
COALspot.com: The freight market continued to be buoyant with cape index pushing the BDI.
The BDI was up 10.49% and closed at 1200 points on 7 ...
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- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Australian Coal Association
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- The University of Queensland
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
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