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Thursday, 20 February 14
LENGTHY DELAYS TO PANAMA CANAL EXPANSION POSE GLOBAL TRADE RISKS; US COAL PRODUCERS TO GREATLY BENEFIT ONCE COMPLETE, SAYS WOOD MACKENZIE
 Wood Mackenzie expects the recent cost overrun disputes around the Panama Canal expansion to be resolved with limited disruption due to the significance of the Canal to global trade. Significant disruptions will crimp profitability for US LNG producers, create a tighter LNG shipping market and affect the US Gulf Coast petrochemical industry.
"Given the enormous strategic and financial importance of the Canal to Panama, we expect the gridlock to be resolved," says Andrew Buckland, Senior LNG Shipping Analyst at Wood Mackenzie. "If the delays last 6 –12 months, it will have limited impact, as trade will carry on much as it does now, but further delays threaten the investments of a significant number of groups that are set to benefit from expanded capacity on the waterway."
The expansion will benefit users depending on the position of their ports in relation to the canal, particularly the US, whose cargo accounts for 65% of total cargo moved through the canal.
"When completed, US coal suppliers will see some of the greatest benefits from the expansion as they will realise substantial cost and time savings, even when compared with Colombian and Venezuela suppliers. The shortening of the route to Asian markets will result in greater opportunities," added Jaime Correal, Senior Coal Markets Analyst at Wood Mackenzie.
Wood Mackenzie's cross-sector analysis highlights the possible impact of further delays for coal, gas and oil trade:
Coal Industry
- If the canal expansion is further delayed, Australia and Canada could grow its market share in the Asia Pacific, delaying the opportunity for US Gulf coal suppliers to benefit from the expansion.
- US Gulf coal suppliers can achieve savings of about US$4.72 per tonne ($/t) on ocean freight rates using capesize vessels through the Panama Canal when compared with a routing of the same size vessel via the Cape of Good Hope and Sunda Straits. The Canal will save 9.7 days and the cost savings will increase trade of thermal and metallurgical coal from the US to Japan, Vietnam and eventually China via US Gulf Coast ports.
- US suppliers will become more efficient into countries located in the Pacific Coast of South America, especially Chile where Colombian producers have traditionally dominated the coal market.
- Although the expanded canal will accommodate capesize vessels, cargo weight will be limited to less than 140,000 payable load tonnes, which will restrict the passage of fully loaded vessels.
- US coal exports from the US East coast to China will lose the opportunity of capturing additional market share in China and South America.
- The trip to China from the East coast via the Panama Canal cuts 6.2 days and can help to realize savings of US$0.89/t assuming time charter rates of US$60,000/day for a capesize vessel
LNG Industry
- LNG is not currently traded through the Panama Canal as most LNG vessels are too wide to fit through the locks. The expansion project will allow all but the very largest LNG ships to use the Panama Canal.
- A delay until early 2016 will impact the first US Gulf LNG exports from Sabine Pass. This will impose a higher shipping cost to target markets in Asia as ships will need to take a longer route via the Cape of Good Hope. However, the differential between US and Asian gas prices will still make the trade profitable and initial volumes will be small as the project ramps up.
- The LNG shipping market will be tighter (with higher spot-market freight rates) than it would otherwise have been as volumes from Trinidad and the USA will have to travel the long way round to Asia. The LNG shipping market is expected to weaken between now and 2016 as new ships are delivered to the market before new capacity comes on-stream.
Oil Industry
- We do not expect there to be any impact on Venezuelan crude exports to China: Trade will continue to be more cost effective in Very Large Container Carriers (VLCCs) that are too big to fit through the expanded canal.
- Supports higher product prices in Chile and exposes US exports to higher shipping costs.
- Supports product exports via alternate routes.
Editor’s notes:
Wood Mackenzie is a global leader in commercial intelligence for the energy, metals and mining industries. We provide objective analysis and advice on assets, companies and markets, giving clients the insights they need to make better strategic decisions. For more information visit: www.woodmac.com
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Monday, 10 February 14
SUPRAMAX STILL AT AROUND US$ 5K + BB 50K DELIVERY KALIMANTAN FOR A TRIP TO INDIA - CAPT. REDDY
COALspot.com: The BDI was down by 1.71 pct and closed at 1091 points week ended 7 February 2014. The BDI seemed to reach the bottom as the cape inde ...
Saturday, 08 February 14
U.S PRODUCED 84.5 MMMST OF COAL IN JANUARY; 2.05% UP MONTH ON MONTH, EIA SAYS
COALspot.com – United States the world’s second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal in ...
Friday, 07 February 14
DRY BULK MARKET ON ' REVERSE' MODE DUE TO CHINESE HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept its uninspiring mood throughout yet another week, with the Baltic Dry Index (BDI) hovering slightly above the 1,000-poi ...
Thursday, 06 February 14
INDONESIA'S BAN ON THE EXPORT OF RAW MINERAL ORES COMES INTO FORCE - INCE & CO
COALspot.com: On 12 January 2014, the ban on the export of unprocessed mineral ores came into effect in Indonesia. This ban enforces the Mining Law ...
Thursday, 06 February 14
THE WORLD LARGEST COAL EXPORTER SHIPPED AROUND 35.90 MMT OF COAL IN DECEMBER 2013
COALspot.com: Indonesia, the world 4th largest coal producer and the Global largest multi grade coal exporter shipped around $2* billion worth ...
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- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- The University of Queensland
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
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