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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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Wednesday, 22 July 15
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS | INTERMODAL
In both bulk shipping sectors, there are certain, yet different, reasons and strategies to invest. In the wet, buy once you can charter-out long, w ...
Tuesday, 21 July 15
CHINA'S ENERGY COMMODITY IMPORTS DIVERGING - RICHARD SCOTT | HELLENIC SHIPPING NEWS
Energy commodity imports into China have grown enormously over the past decade, boosting global demand for shipping capacity. But a dramatic change ...
Tuesday, 21 July 15
FOB INDONESIA COAL SWAPS EXTEND LOSS
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week. The swaps was lost 0.70%.
...
Tuesday, 21 July 15
Q4'15 FOB RBCT COAL SWAP DECLINES NEARLY 3.13 PER CENT MONTH OVER MONTH
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$ ...
Monday, 20 July 15
FOB NEWCASTLE COAL SWAP SEE FURTHER DECLINES
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery down $ 1.32 per MT (-2.89%) month over month to US$ 44.43 per mt. The swap ...
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- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
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