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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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Sunday, 13 December 15
THE LOW VESSEL DEMANDS PUSHED DOWN BALTIC DRY INDEX FURTHER DOWN
COALspot.com: The low vessel demand across nearly all vessel sizes pushed the Baltic Exchange’s main sea freight index further down in this F ...
Sunday, 13 December 15
DRY BULK RATES KEEP ON FALLING AS LOW VESSEL DEMAND IS STILL THE NORM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market nowadays is in an endless downward spiral, which as it turns out is unable to recover, at least as long as the current balance ...
Friday, 11 December 15
US COAL PRODUCTION UP 7.7% IN WEEK ENDED DECEMBER 5, 2015
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 10 December 15
LIENING CARGO - WHICH LIEN CLAUSE APPLIES TO THE BILL OF LADING? : WIKBORG REIN | HELLENIC SHIPPING NEWS
KNOWLEDGE TO ELEVATE
In a dry bulk market where a charterer is not paying freight or hire, its counterparty is often left to consider whether ...
Thursday, 10 December 15
CANADIAN MINER TECK ANNOUNCES LNG HAUL TRUCK PILOT PROJECT
Teck Resources Limited is piloting the use of liquefied natural gas (LNG) as a fuel source in six haul trucks at its Fording River steelmakin ...
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- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Planning Commission, India
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- The University of Queensland
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
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