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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, 29 July 15
Q4' 15 FOB RICHARDS BAY COAL SWAPS DECLINE 4.41% TO $56.52 PMT
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Tuesday, 28 July 15
INDONESIA DELAYS PLAN TO RAISE COAL ROYALTIES AMID PLUNGING PRICE - JP
The government will postpone a plan to increase royalty payments from coal miners as they are already burdened with the commodity’s plunging ...
Tuesday, 28 July 15
API 5 FOB NEWCASTLE COAL SWAP LOST M-M AND GAINED W-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.15 per MT (-2.51%) month over month to US$ 44.62 per mt. The swap ...
Monday, 27 July 15
KOMIPO INVITES BIDS FOR TOTAL 545,000 MT OF COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to purchase total 545,000 Metric Tons (MT) of coal ...
Monday, 27 July 15
CFR SOUTH CHINA COAL SWAP WEAK M/M; FIRM W/W
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.92 (1.77%) per MT month over month.
A commodity swap ...
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- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
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