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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, 26 June 15
INDONESIA COAL PRODUCTION FALLS BETWEEN JAN-MAY : JG
The Ministry of Energy and Mineral Resources announced that coal production declined to 166 million tons between January and May, a 19 percent drop ...
Friday, 26 June 15
COAL PRODUCTION IN THE U.S ROSE 6.0% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.3 million short ...
Thursday, 25 June 15
THE PORT OF NEWCASTLE SHIPPED 13.31% MORE COAL IN MAY 2015 COMPARED TO APRIL 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.18 billio ...
Thursday, 25 June 15
CAPESIZE: PERIOD INTEREST REMAINED STRONG FOR A SECOND WEEK - INTERMODAL
COALspot.com: Following those depressive last six months, the BDI closed off on last Friday noting a substantial weekly increase, which pushed the ...
Tuesday, 23 June 15
Q3 FOB INDONESIA COAL SWAP FALL $1.12 IN ONE MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
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- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
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