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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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Thursday, 10 July 14
SGX EXPANDS ACROSS THE BULKS WITH NEW COAL PRODUCTS
COALspot.com: Singapore Exchange (SGX) is expanding its bulk commodity derivatives offering by launching new coking and thermal coal products on 4 ...
Thursday, 10 July 14
HANDY: SMALL INCREASE; PANAMAX: POSITIVE TONE; CAPESIZE: PAPER VALUES REMAIN WEEK
Handy
It is a general increase in activity in both hemispheres whereas rates have just experienced a small increase. In the Feast we see stable a ...
Wednesday, 09 July 14
SHIP INVESTMENTS ARE TRENDING LOWER
Most ship owners are deeming current ship prices on the high side, refraining from making serious commitments in new acquisitions or newbuilding or ...
Wednesday, 09 July 14
INDIAN GOVERNMENT ADVISED POWER UTILITIES TO INCREASE COAL IMPORTS
COALspot.com: The government of India has advised power utilities to increase coal imports to meet fuel shortages and those that have fuel supply p ...
Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
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- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
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