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Wednesday, 27 January 16
CHINA'S STALLING ECONOMY HAS HAD A GREAT EFFECT ON VARIOUS COMMODITIES; DECREASED DEMAND DRIVING COMMODITY PRICES LOWER AND LOWER - LINOS ALEXANDROS KOGEVINAS
 Having gone through the first few weeks of 2016, it’s starting to look like another challenging year is ahead of us. Hopes for a recovery in the beginning of the year are quickly being tempered by the harsh reality of the situation. Various factors have contributed, in varying degrees, to the formation of a climate characterized by apprehension and distrust towards the future.
China, once held as the main driver of global growth had a lacklustre performance during 2015. With imports falling, projections for 2016 being corrected and billions having been wiped off from the Chinese stock market, it is quite obvious that the effects of the stagnation of the Chinese economy would be felt globally. China’s stalling economy has had a great effect on various commodities with decreased demand driving commodity prices lower and lower.
Iron ore has had a bad year. With a ~39% drop in price during 2015, iron ore rallied during the end of year. However, while global demand is flat, supply has been growing, steadily driving the price down. The big 3 (Vale, Rio Tinto, BHP) have, similar to OPEC’s strategy, been trying to price smaller, higher cost producers out of the market. 2016 is looking rather bleak, with most analysts expecting prices to remain low for the short-to-medium term future. Coal paints a similar picture, with prices falling and expected to fall even lower during the year. The bankruptcy of Arch Coal, the second largest miner in the US, is bad news for the industry. At the same time, major buyers such as Tokyo Electric Power Co. have decided on floating price contracts going forward, signaling that they anticipate prices may go even lower in the future. This of course, has had a large effect on the dry freight market which has been abysmally weak throughout the past year. We’ve observed consecutive historical lows on the BDI, and with various bulkers trading at – or below – OPEX levels, any recovery seems far off in the future.
One of the main issues prevalent during 2015 was the drastic decline in crude oil prices. Brent reached a 14 year low and, after a short 2 day rally, started dropping again and has settled, as of yesterday at $30.34/bbl. Predictably, this has had several adverse consequences especially for oil producers who have seen their profits crumble. It is still questionable whether recovery may occur within 2016. On top of this, with sanctions having been lifted, the Iranian oil ministry has commented that they plan on initially increasing output by 500,000 b/d. Iran’s oil production may very well apply further downward pressure on the price.
At the same time, the raging refugee crisis has dealt a great deal of damage to any stability in the European region. The massive inflows of refugees and the financial and political burden their accommodation has proven to be to the European member states, have all played their part in destabilising the European financial markets. This, coupled with tensions in the Middle East, further intensifies the ever-present political uncertainty.
Global financial stability has been compromised by this array of developments. Shipping, as a primarily reactive industry, has responded to the depressed market conditions and sentiment, exhibiting declining freight rates and asset values on the dry side. The future is almost certain to hold further challenges to the already beleaguered shipping market.
By Linos-Alexandros Kogevinas
Marketing—Harbour Towage & Port Agency
Cotzias Intermodal Shipping Inc.
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, 15 January 16
FOB INDONESIA COAL SWAPS FIRM SLIGHTLY LAST WEEK
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month over month and week over week.
According to AsiaClear OTC coal swap's r ...
Friday, 15 January 16
SHIPPING: 2016 STARTED WITH MISERY ACROSS THE BOARD FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As one would have expected, the dry bulk market starter the new year where it left off in 2015, plunging to never seen before depths, as the market ...
Friday, 15 January 16
U.S. WEEKLY COAL PRODUCTION ROSE ACROSS ALL BASINS: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 14 January 16
FOB RICHARDS BAY COAL SWAP FOR Q3 DELIVERY CLOSED $5.90 LOWER THAN Q1 PRICE
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and week over week.
The Q1’ 2016 FOB Richards Bay Coal ...
Wednesday, 13 January 16
U.S. COAL PRODUCTION DECLINED BY 109 MMST IN 2015; COAL EXPORTS DECREASED 21% Y-O-Y
COALspot.com: U.S. coal production declined by 109 million short tons (MMst) (11%) in 2015, the largest decline ever recorded, says EIA.
The 2 ...
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- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
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