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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, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
Monday, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
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- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- MS Steel International - UAE
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- GMR Energy Limited - India
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