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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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Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
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- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
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