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Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
 During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US, will not face a hard landing and will maintain a medium/high growth for the long run! Beijing has set a minimum 7.5% annual growth. Mr Li, refrained from rolling out any strong stimulus package to support his government’s target, and instead said that policy will focus more on “targeted measures” to secure and ensure a sustained rate in the future. The Chinese economy expanded 7.4% in the first quarter of the year, down from an increase of 7.7% in the fourth quarter of last year.
IMF's forecast for 2015 is around 7% which is lower than the government's long run target of 7.5%, so it will be interesting to see what Beijing will do to contradict the “Cassandras”. Decreased demand for coal and iron ore, together with a depressed grain season is mostly responsible for today's market levels. The BDI at the timing of writing stands at 867 points, led by the weakest panamax rates seen over the past 20 months.
During the first half of the year, iron ore imports by China fell largely due to seasonality. Additionally to this, stockpiles at Chinese terminals, which have provided a safety valve in an oversupplied market by restocking the commodity, are currently very close to cover their physical storage capacity, hence further restocking can only be done to a limited extent. These facts, together with the “colossal” supply of tonnage, have put pressure on rates for capes and panamaxes.
On the other hand, iron ore trade in the second half of the year and especially fourth quarter is expected to pick up due to the seasonality of the trade. This together with the fact that shipments out of Brazil have yet to break out of their previous highs and have only recently shown signs of strength, can provide a great support for rates. This is also important because shipments from Brazil take much longer to deliver than shipments from Australia, therefore adding more tonne-miles to the mix. So if iron ore exports out of Brazil do rise out of their sideways trend for 2014, a much larger number of Capesize and Panamax vessels should be demanded over the long term, something which should eventually lead to a spike.
On the smaller sizes, South American grain season was off to a slow start. Traditionally exports from Brazil and Argentina tend to rise in April and start cooling off in July. April's exports this year stood at 12mil tonnes compared with the 16mil tonnes last year. One could say that economic issues in Argentina and its depreciated currency could have influenced farmers in keeping their crops in order to sell them at a later date. This remains to be seen, however for the time being a poor grain season has put a lot of pressure on smaller sized vessels. North America's crop output this year is expected to be high, however it usually peaks from September onwards, hence the impact shall not be seen over the summer.
Weak charter rates and poor market sentiment paired with over inflated asset values, has led to a slowdown in activity in the second hand and new building markets. The price gap between Sellers’ and Buyers’ ideas has become wider with many Sellers having decided to withdrawn their assets from the snp market and possibly return sometime during Q3-Q4, believing that by then freight rates will have recovered and hence asset prices will have firmed. This is definitely a risky decision for those who want/have to sell because if the market doesn't recover by the end of the year as most expect, then the pressure will be much more on the Sellers’ side and therefore they will have to bridge the gap by moving down to Buyers’ ideas and offering even bigger discounts off last dones than those currently required.
Analysts:
Mr. George Lazaridis
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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Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
Wednesday, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
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- The University of Queensland
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Planning Commission, India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
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