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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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Sunday, 26 July 15
INDO-INDIA OCEAN COAL FREIGHT RATES REMAIN STEADY
COALspot.com: The freight market continued lost steam towards end of the week and all indices were showing downward trend.
The BDI was up by 3 ...
Friday, 24 July 15
U.S PRODUCED 17.2 MMST OF COAL FOR THE WEEK ENDED JULY 18; FELL 11.5% YEAR ON YEAR
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.2 million shor ...
Friday, 24 July 15
THE IMPACT OF COLLAPSING CHINESE COAL IMPORTS - CLARKSONS
Global seaborne coal trade is currently projected to drop 1% y-o-y in 2015, which would be the first annual decline in almost three decades. The dr ...
Thursday, 23 July 15
ELEVEN NEW NICKEL SMELTERS ARE TO BE BUILT IN INDONESIA OVER THE NEXT TWO YEARS AT A COST OF $1.4 BILLION
Indonesia’s Most Reputable Nickel Event
Eleven new nickel smelters are to be built in Indonesia over the next two years at a cost of $1. ...
Thursday, 23 July 15
THE CAPESIZE SEGMENT KEPT FOUNDING SUPPORT ON INCREASED DEMAND FROM CHINESE STEEL MILLS - INTERMODAL
The Dry Bulk market closed off on Friday (17July 2015) noting substantial gains and the BDI surpassing the 1,000 points level for the first time af ...
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- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Planning Commission, India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Australian Coal Association
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
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