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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, 18 July 14
3RD CHINA INTERNATIONAL SHALE GAS SUMMIT
Building on the massive success of the past 2 shale gas programs that has generated huge success by attracting 500+ industry players, and intrig ...
Friday, 18 July 14
US WEEKLY COAL PRODUCTION UP BY 1.4% TO 18.3 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 17 July 14
PANAMAX : MARKET HAS COOLED DOWN AGAIN TO LOW AND DEPRESSED LEVELS
Handy
The supra market remains pretty flat in the Atlantic while for the smaller sizes there has been little reported with ships chasing business ...
Thursday, 17 July 14
INDIAN GOVERNMENT WISE TO TAKE ADVANTAGE OF CURRENTLY LOW THERMAL COAL PRICES AND SHIPPING RATES - JEFFREY LANDSBERG
With thermal coal import prices (and also shipping rates) very low at present, India's government would be very wise to take advantage of curre ...
Wednesday, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but in ...
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- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Parliament of New Zealand
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