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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, 03 July 15
U.S DELIVERS WEAK FIRST HALF COAL PRODUCTION; 8.8% LOWER Y-O-Y
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.5 million short ...
Friday, 03 July 15
SHIPPING CONFIDENCE EQUALS SEVEN-YEAR LOW - MOORE STEPHENS
Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the p ...
Thursday, 02 July 15
TECHNOLOGY AND INNOVATION IN MINING 2015 - IXG
Information Exchange Group’s Technology and Innovation in Mining 2015- International Summit on Mining
Press Release: The inaugural editi ...
Thursday, 02 July 15
THE PERFORMANCE OF THE CAPESIZE SEGMENT PUSHED DRY BULK MARKET TO UPWARD LAST WEEK
COALspot.com: The Dry Bulk market continued its upward movement last week, with the BDI closing off on Friday (26 June) in excess of 800 points, wh ...
Wednesday, 01 July 15
Q4'15 AND Q1'16 FOB RICHARDS BAY COAL SWAPS ROSE W-O-W AND M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and down week over week.
The Q3 swap was up US$ ...
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- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Planning Commission, India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
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