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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, 25 July 14
U.S WEEKLY COAL PRODUCTION UP AROUND 3.5% WEEK ENDED JULY 19
COALspot.com – United States the world's second largest coal producer, produced approximately 19.00 million short tons (mmst) of coal in ...
Thursday, 24 July 14
INDONESIA'S JUNE 2014 COAL EXPORT VOLUME DOWN 6.82%; AVERAGE SELLING PRICE DOWN
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.70* ...
Thursday, 24 July 14
HANDY: SOUTH AFRICA SOFTENED A BIT, HERE RATES ARE AT AROUND 8K +150K BB FOR TRIPS EAST - FEARNLEYS AS
Handy
The handy market in the Atlantic is going sideways and a tick down on low activity. Levels hoovering around USD 5k on Supras. The SMX marke ...
Thursday, 24 July 14
INDONESIAN COAL EXPORTERS ARE REQUIRED TO OBTAIN ET-BATUBARA UNDER LATEST TRADE MINISTRY'S NEW REGULATION
COALspot.com: Indonesia's trade ministry has issued regulation No. 39/M-DAG/PER/7/2014 which is requires exporters of power plant coal as ...
Wednesday, 23 July 14
PANAMAXES WERE BACK ON A DOWNWARD COURSE; CAPES WERE FEELING THE MOST PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market was on a downward spiral this week, with the BDI noting another week-on-week decline of the magnitude of 10% this ...
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- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
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