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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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Wednesday, 06 August 14
CAPES: BUSINESS INTEREST REMAINS SOFT; CURRENTLY NO SIGNS OF IMPROVEMENT - INTERMODAL
COALspot.com: Despite the considerable pressure witnessed in the freight market for most of the size segments, the Dry Bulk Index was able to note ...
Wednesday, 06 August 14
SHIPPING MARKET INSIGHT - EVA TZIMA
Recent reports that Indonesia’s ban on exports of metal ore concentrates was lifted for the first time in six months for two of its biggest m ...
Wednesday, 06 August 14
SGX SUCCESSFULLY LAUNCHED NEW SGX COAL PRODUCTS
COALspot.com: Singapore Exchange (‘SGX’) has announced that, the exchange has successfully launched its new Coking and Thermal Coal pro ...
Monday, 04 August 14
ANNUAL SECOND HALF SURGE IN BRAZILIAN IRON ORE EXPORTS ABOUT TO BEGIN - JEFFREY LANDSBERG
COALspot.com: Great strength in the capesize market has all along been set to occur during the second half of this year, as that is when Brazilian ...
Monday, 04 August 14
SUB-BIT FOB INDONESIA COAL SWAP INCHES UP DESPITE LOW DEMAND
COALspot.com: Indonesian coal swaps for average Q4’ 2014 increased US$ 0.15 day on day and US$ 0.13 per mt week on week. But, the swap was lo ...
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- Posco Energy - South Korea
- Economic Council, Georgia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- The University of Queensland
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Planning Commission, India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
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