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Wednesday, 23 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
 In Australia, the world’s largest mining group, BHP Billiton, will beat the iron ore export target of more than 220 million tonnes for 2014. The world’s second largest mining group, Rio Tinto, is also ramping up its production of low-cost iron ore and following the port infrastructure upgrades completed early next year, the company expects to export at an annual rate of 360 million tonnes starting 2015 onwards. Vale, in third place, is competing with the geographically well placed Australian mining majors who can nowadays ship from Dampier to China abt 160,000 metric tons of iron ore on a 2007 built capesize bulk carrier at a rate of only US$ 7.7 per tonne.
The question is if and when these production rates will boost the declining capesize market. The high output of iron ore from low-cost producing countries such as Australia and Brazil coupled with the fact that almost 20%-30% of the domestic Chinese iron ore mining groups have closed, is a good sign. Looking at the Chinese demand on the other hand, construction activity is thin during the summer and the inventory of imported iron ore stockpiled at major ports still stands at the high levels of approximately 113.6 million tonnes as of last Friday.
The very low freight rates for panamax bulk carriers are apparently correlated with the current dynamics in the seaborne trade for coal and grain. The coal industry for example is in freefall mainly as a result of the overhang of low-cost supply and subsequently the current freight rates for such vessels loading from major coal exporting countries are very low. There are also major environmental concerns when it comes to coal trade in general and moving forward this will have an impact on global trade. Part of the US President Barack Obama’s policy is to significantly reduce the emissions from the coal-fired power plants, so that means there will be an interesting effect on domestic demand for US coal. On the other hand, US coal exports to major consumers in Asia are also volatile since they face competition from Australia and Indonesia. In India, Coal India Limited (CIL) the world’s largest coal miner, has failed to raise its output fast enough forcing India to import millions of tonnes for its thermal power plants in a country where more than 50% of the country’s electricity is generated using coal. Insufficient reserves are particularly problematic this year in India however it is not clear if this will have an actual effect on the freight rates in the panamax segment.
For panamax owners carrying soymeal grains, specifically the ECSA to China route was promising as usual but it still takes too long for the soymeal cargoes to reach the loading ports, coming out mainly from Brazil and Argentina. As a result, freight rates now have tumbled for such cargoes ex ECSA. We can still notice the long waiting times at the loading ports and the cancellations from the Chinese importers who are affected by the loss-making soya meal prices in the Chinese market. Many ship operators expected a repeat of last year’s strong seasonal soybean volumes so early this year ballasting to ECSA was considered as promising, however ultimately the number of available cargoes was not substantial, especially for all those 100 vessels that were all repositioned within February.
From our perspective, it’s always good to see good high production levels especially from major groups in the main dry bulk industry that could eventually drive the freight rates up at some point in the future, let’s just hope that it will happen soon.
By Christopher T. Whitty
Marketing Manager - Harbour Towage & Port Agency
Cotzias Intermodal Shipping Inc.
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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Thursday, 14 August 14
INDIA'S PLAN TO START AN INFRASTRUCTURE BOOM AND TO INVEST US$ 1 TRILLION BY 2017 WILL SURELY AFFECT THE DRY BULK TRADE - FEARNLEYS
Handy
The Atlantic Supra market has continued its improving sentiment with rates climbing and TA´s are now up about US$ 900 w-o-w, said Fea ...
Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
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- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Bhatia International Limited - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Parliament of New Zealand
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
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