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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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Monday, 13 July 15
THE DRY BULK MARKET CLOSED ON A POSITIVE TONE THIS PAST WEEK
COALspot.com: Despite Greece crisis and turmoil in the stock market across the world , the freight market overall was firm and up in all segments t ...
Sunday, 12 July 15
SHIPYARD NOT LIABLE FOR ENGINE ROOM FIRE CAUSED BY OIL LEAKAGE - BIRCH WINDAHL
KNOWLEDGE TO ELEVATE
A Danish vessel owner requested a Danish shipyard to undertake repairs and maintenance works on its vessel. An agreement ...
Saturday, 11 July 15
MAJOR IRANIAN GAS EXPORTS WILL TAKE AT LEAST FIVE YEARS - FITCH
Iran has the long-term potential to become one of the world's top gas producers, thanks to its 34 trillion cubic meters (tcm) of natural gas re ...
Friday, 10 July 15
DRY BULK MARKET KEEPS POSITIVE MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its positive momentum over the course of the past few days, thanks to Panamax gains. During yesterday’s session ...
Friday, 10 July 15
U.S PRODUCED APPROXIMATELY TOTALED AN ESTIMATED 14.1 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 14.1 million short ...
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- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
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