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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, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
Monday, 28 July 14
S. KOREA'S KOSPO SEEKS 148K T OF 4700 NAR COAL
COALspot.com: Korea Southern Power Co Ltd (KOSPO) is seeking 148,000 tonnes of 4,700 kcal/kg NCV steaming coal for shipment between October to Nove ...
Monday, 28 July 14
CFR SOUTH CHINA COAL SWAP SLIGHTLY UP WEEK ON WEEK
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. The swap for Q3, Q4 and Q1 2015 showing slight improvement ...
Sunday, 27 July 14
RAMADAN HOLIDAYS IN INDONESIA PUTTING PRESSURE ON CHARTER RATES FROM INDONESIA - VISTAAR INDIA
COALspot.com: The freight rates were almost steady as very slight improvement in BDI by about 1 pct. The BDI was at 739 points after improvin ...
Saturday, 26 July 14
COAL MINING COMPANIES CLOSED TEMPORARILY - THE JAKARTA POST
The Sarolangun regency administration in Jambi has suspended the operations of 10 coal mining companies in line with a circular issued by Regent Ce ...
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- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Australian Coal Association
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
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