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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, 23 July 14
HARD COAL 2013: THE WORLD'S SECOND-MOST IMPORTANT ENERGY SOURCE AND GUARANTOR FOR THE SECURITY OF ENERGY SUPPLIES DURING TIMES OF CRISIS
Hard coal is again in 2013 the fastest-growing fossil primary energy source in the world. As shown in the BP Statistical Review 2014, it covered ab ...
Tuesday, 22 July 14
INDONESIAN ELECTION RESULT ENCOURAGING FOR FOREIGN INVESTMENT IN ENERGY AND MINING SECTORS - WOOD MACKENZIE
Joko Widodo-Jusuf Kalla has been announced as the official winner of Indonesia's presidential election. Joko Widodo, or Jokowi, is viewed as a ...
Tuesday, 22 July 14
THE CURRENT COAL PRICES ARE UNPROFITABLE FOR MINERS; COAL PRICES WILL GRADUALLY INCREASE - FITCH
COALspot.com: The Fitch Ratings expect the benchmark Newcastle coal prices (currently at about USD70/MT) to gradually increase.
Fitch's la ...
Tuesday, 22 July 14
SUB-BIT FOB INDONESIA COAL Q3' 14 DOWN 5.21%; Q4' 14 DOWN 3.56%; Q1' 15 DOWN 4.75% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 flat on day, weak week on week and on month according to AsiaClear OTC coal swap' ...
Tuesday, 22 July 14
INDONESIA'S MINERAL EXPORT BAN: CHINA UNDER PRESSURE? - CLARKSONS
In January 2014, Indonesia introduced new regulations on exports of unprocessed minerals. Exports of some minerals have been heavily taxed, whilst ...
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- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
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