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Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
 2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodities, the price of iron ore, zinc, copper, oil and natural gas appears poised to continue its upward trend.
Specifically, industrial metals were some of the largest winners of 2016 and this trend has continued in 2017 so far. Iron ore was the foremost gainer making a strong recovery from the lows of a disastrous 2015, with prices reaching USD82.4/tonne in December.
The climb has continued in 2017 with yesterday’s (27/02) price closing in excess of USD 87 /tonne, a far cry from 2015’s levels. While iron ore and steel futures did exhibit a slow-down last week, they jumped again on Monday by ~4% signalling the bullishness of the market. The latest 4-month rally has left a positive impression on market players, with mining giants such as Vale or BHP expecting a very strong year.
In any discussion regarding iron ore, it is important to take a look at the most influential nation in this market, China. While there has been some anxiety regarding China’s increasing production in 2017 (expected to increase by 0.5%, up to 825m metric tonnes), it is also important to note the increase in domestic demand, as China is expected to consume approx. 87% of this production.
Iron ore tends to follow Chinese steelmaking trends and the increase in infrastructure projects has driven up demand for steel, with Shanghai rebar hitting its highest price since February 2014. As China continues to provide support to the construction sector mainly through partnerships with private sector businesses on public infrastructure projects, this interior demand is expected to hold up for the rest of the year as well. This coupled with expected steel production limitations in 2017 leads to strong price expectations.
One variable to look at in 2017 is Trump’s alleged US infrastructure plan. While we have seen infrastructure spending affecting metal prices before, at this point there are not enough specifics to be able to draw a conclusion on whether this would provide any significant uptick on industrial metal prices or if indeed the promise itself will be materialized. It is worth noting that the 2009 US stimulus package which saw ~105bn going to infrastructure spending failed to produce a significant net effect on copper or steel prices.
While optimism continues to abound in most circles, various analysts are questioning whether this rally will be sustainable in the mid-long term with many of them expecting a softening of prices in the second half of 2017 due to the increase in Australian and Brazilian production.
In any case, this sustainable demand has had a noticeable effect on shipping markets and especially the Capesize segment, with today’s earnings quoted in excess of USD 8,000/day compared to the same time last year when average earnings for the size were hovering at around USD 2,300/day.
By Linos Kogevinas
Commercial Executive, 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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
Monday, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
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- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
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