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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, 18 June 14
CHINESE STEEL PRODUCTION SETS RECORD DURING FIRST TEN DAYS OF JUNE - COMMODORE RESEARCH & CONSULTANCY
Recently released data shows that average daily crude steel production at China's key steel mills hit a record high of 1.833 million tons durin ...
Wednesday, 18 June 14
MARKET INSIGHT - TIMOS PAPADIMITRIOU
Back in January the expectations for Q3 and Q4 were more than great. Talks and claims for a rising BDI and a healthy market were coming from everyw ...
Tuesday, 17 June 14
DRY BULK FREIGHT RATES TO RISE DURING THE SECOND HALF OF 2014, AS CHINA IS EXPECTED TO START IMPORTING MORE IRON ORE FROM BRAZIL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its latest analysis of the dry bulk market, BIMCO said that it doesn’t expect freight rates to react significantly to increased demand bef ...
Monday, 16 June 14
INDONESIAN COAL SWAPS FOR Q3 DELIVERY FALL 2.34 % MONTH ON MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 16 June 14
API 8 CFR SOUTH CHINA COAL SWAPS FALL CONTINUES THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.34 percent month on month and closed at US$ 71.05 per mt a ...
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Showing 3651 to 3655 news of total 6871 |
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- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
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