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Wednesday, 23 September 15
CAPESIZE: SPOT RATES HAVE INCREASED MORE THAN 70 PER CENT DURING LAST WEEK
 Dry Bulk owners, always look at September as the time that the market “signals” what lies ahead for the remainder of the year. The Chinese iron ore restocking that traditionally picks up during Q4, is currently stealing the spotlight. The Capesize summer rally proved to be short-lived, with the average rate for the segment losing most of its gains and settling around $8,000/day. Spot rates have nonetheless increased more than 70% during last week.
Looking at the short term momentum, this appears to be favoring another boost for the big bulkers. Iron ore stockpiles at Chinese ports are currently well below the five year average. The 14% drop in imports that took place in August, has at the same time created an additional “gap” to be filled. The ratio of the present inventory of iron ore over steel production, which is also well below the five-year average, points out to a bigger than usual portion of iron ore stockpiles being consumed by Chinese mills and turned into steel. Despite the fact that domestic steel consumption has been faltering as of last year, production has found support in exports, which are up a whopping 27% in the first 8 months of the year. With low inventories of iron ore, steel production inching up last month, and a very strong trend of steel exports year to date, everything points out to another round of stockpiling and possibly another mini Capesize rally in the way, “mini” being the operative word here.
Although rates appear set to advance further in the following days, I am skeptic in regards to how long positive momentum can be sustained. The reality is that despite the decrease in Chinese iron ore production levels, these are still considerable given the current steel output in the country, setting a limit in imports and consequently the spikes Cape rates enjoy. As steel producers in China turn to higher quality imported iron ore and local iron ore producers exit the market amidst low prices, things certainly move towards the “right” direction but we are hardly there yet.
Additionally and even most importantly, China remains the top steel consuming market worldwide and despite the fact that shipping its steel to India and other SE Asian countries might be offsetting part of the gap created by the domestic consumption slowdown, it doesn’t even get close to filling it. With Chinese steel consumption and production expected to shift into an even lower gear, the amount of iron ore required by Chinese producers going forward is set to keep less and less dwt busy. Muddy waters for Capes.
By Eva Tzima
Research Analyst
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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Sunday, 06 September 15
AUTOMATION AND TECHNOLOGY IS CERTAINLY PART OF THE SOLUTION FOR IMPROVING PERFORMANCE AND EFFICIENCY TO MAKE THE MINE OPERATIONS MORE PROFITABLE, HOWEVER............ - LUKE JALSEVAC
"The Technology and Innovation in Mining 2015" production team at Information Exchange Group interviewed Luke Jalsevac, Director, Busines ...
Sunday, 06 September 15
THE CAPE SIZE INDEX ROSE 10.83 PER CENT WEEK OVER WEEK
COALspot.com: The BDI, the Baltic exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, declined o ...
Saturday, 05 September 15
DRY BULK MARKET MAY SUFFER NOW, BUT IS BOUND FOR A RECOVERY THANKS TO A LIMITED FUTURE FLEET GROWTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The slow increase of dry bulk tonnage growth this year could turn into a solid indicator of the market’s future prospects. According to a rec ...
Friday, 04 September 15
U.S. COAL PRODUCTION FOR THE W/E AUGUST 29, UP SLIGHTLY; FALL 4.5 PERCENT Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.7 million shor ...
Friday, 04 September 15
GOVERNORS WILL HAVE THE POWER TO REVOKE MINERS' PERMITS: ENERGY MINISTRY - JG
Starting Oct. 1, Indonesia's governors will lawfully become "executors" in revoking the licenses of miners that fail to secure a &quo ...
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- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
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