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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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Friday, 08 August 14
CAPESIZE RATES ARE REMAINING MORE OR LESS UNCHANGED AT BOTTOM LOW LEVELS - FEARNLEYS AS
Handy
An improving sentiment with stronger rates and fair demand for prompt tonnage in the Atlantic, both on the Continent and in the Med for the ...
Friday, 08 August 14
U.S PRODUCED 35.80 MMST OF COAL IN JULY; UP 7.89 MONTH OVER MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.50 million short tons (mmst) of coal in ...
Friday, 08 August 14
PORT OF NEWCASTLE SHIPPED 19.52% MORE COAL IN JULY FROM LAST MONTH
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped 14,036,947 t ...
Thursday, 07 August 14
SHORT-TERM COAL OUTLOOK IMPROVES - SAM QUEST
With demand for and supply of coal to grow in the near future, prices are expected to rebound in the short term; the long-term prospects, however, ...
Thursday, 07 August 14
BULKING UP IN AFRICA: CHINA INFLATES SEABORNE MINERALS EXPORT TRADE - RICHARD SCOTT
Africa’s profile as an exporter of dry bulk commodities is rising. Responding to growing import demand from China, India and other buyers in ...
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- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Australian Coal Association
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
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