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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, 17 July 15
DO CANCELLATION RIGHTS UNDER VOYAGE CHARTERPARTY SURVIVE RE-NOMINATION OF LOAD PORT? - INCE&CO
KNOWLEDGE TO ELEVATE
Do cancellation rights under voyage charterparty survive re-nomination of load port?
St Shipping & Transport Inc ...
Thursday, 16 July 15
INDONESIA'S HBA HITS ALL-TIME LOW OF $59.16 PER METRIC TON IN JULY 2015
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.16 pe ...
Thursday, 16 July 15
FOB RICHARDS BAY COAL SWAPS DECLINE W-O-W, M-O-M
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$ ...
Wednesday, 15 July 15
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
The last few weeks have been rather strenuous for Greece and China, each for their own reasons, affecting most markets around the world. In Greece ...
Wednesday, 15 July 15
IRAN OIL RECOVERY TO TAKE YEARS, BUT COULD START IN 2016 - FITCH
Iranian crude oil production is likely to increase in 2016 but will take a number of years to reach its previous peak, Fitch Ratings says.
The ...
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- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- The University of Queensland
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
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