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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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Monday, 04 August 14
Q1' 15 API 8 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 69.37 ON 1 AUGUST 2014; A $ 1.10 HIGHER COMPARED TO Q4' 2014 CLOSING
COALspot.com: Coal swap prices are showing a positive move upward this past week. API 8 CFR South China Coal swap for Q4, Q1 and Q2 2015 show ...
Sunday, 03 August 14
LACK OF COAL SHIPMENTS FROM FAR EAST/SE ASIA, THE PRESSURE ON CHARTER RATES CONTINUED THIS WEEK
COALspot.com: This week, the freight rates were almost flat as charter rates were also almost steady from last week.
The BDI was up by 2.59 pc ...
Friday, 01 August 14
UNCERTAINTY IN ASIAN COAL MARKETS WHERE INDEX-LINKED PRICING DOMINATES - SGX
COALspot.com: In the past 3 years, seaborne thermal coal markets have been in a state of constant oversupply.
Reuters expects this oversupply ...
Friday, 01 August 14
U.S PRODUCED 19.4 MMST OF COAL IN A WEEK, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Thursday, 31 July 14
CAPESIZE: CARGO VOLUMES, COAL IN PARTICULAR, PRESENTLY NOT SUFFICIENT TO EMPLOY A GROWING FLEET - FERNLEYS
Handy
Both the Atlantic and Pacific has improved in the supramax segment over the last week, said Fernleys in Its latest weekly report . There we ...
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- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Australian Coal Association
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
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