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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, 19 June 15
U.S. WEEKLY COAL PRODUCTION UP SLIGHTLY COMPARED TO LAST WEEK; CONTINUES TO BE DOWN FROM LAST YEAR
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.4 million short ...
Friday, 19 June 15
INDONESIA'S COAL-TRAFFICKING PROBLEM REQUIRES IMPARTIAL INQUIRY - JAKARTA GLOBE
Indonesia, the leading supplier to the seaborne thermal coal market, produces 420 million tons of coal per year, according to its official tally.
...
Thursday, 18 June 15
DRY BULK SHIPPING: LOWEST FLEET GROWTH IN 10 YEARS MAY NOT PROVE ENOUGH AS DEMAND IS NOT KEEPING PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The demand side of things in the dry bulk market seems unable to keep pace with even the slightest fleet growth, a sign of the demise that the indu ...
Thursday, 18 June 15
THE FAR EAST HANDYSIZE, HANDYMAX, SUPRAMAX MARKET REMAINED STEADY LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market closed off on Friday (last week) noting small gains on the back of stronger performance in the Panamax segment, w ...
Thursday, 18 June 15
MERCATOR'S KAMSARMAX FIXED WITH CLEARLAKE
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company focused on markets such as India, ...
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- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Planning Commission, India
- McConnell Dowell - Australia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
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