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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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Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
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- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
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