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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, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market de ...
Tuesday, 15 July 14
INDONESIA'S TOTAL COAL PRODUCTION REACHED ANOTHER HIGH DURING THE FIRST SIX MONTHS; GOVERNMENT EXPECTED TO RAISE ROYALTIES
COALspot.com: Indonesia's total coal production reached 213 million tons during January through June, up by 7.6 percent y-o-y. Coal output in I ...
Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely avail ...
Monday, 14 July 14
SGX SUB-BIT FOB INDONESIA COAL SWAP FOR Q4' 14 DELIVERY CLOSED AT $ 54.80
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 14 July 14
SGX CFR SOUTH CHINA COAL SWAP FOR Q3' 14 LOST 17.29% SINCE EARLY JANUARY 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. API 8 CFR South China Coal swap for delivery in Q3 drops U ...
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- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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