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Wednesday, 06 August 14
SHIPPING MARKET INSIGHT - EVA TZIMA
 Recent reports that Indonesia’s ban on exports of metal ore concentrates was lifted for the first time in six months for two of its biggest miners, is without a doubt good news for the Dry Bulk market and possibly the first good news in a while. Although this is the first of a number of stages that need to be reached before the flow of exports reaches pre-2014 levels, it is definitely a development towards the right direction.
Back in January this year, the parliament of Indonesia introduced regulations affecting the exports of raw ores. The government’s plan was to increase local processing of concentrated ores that would eventually allow for higher prices on exports. Under the new rules, ore concentrate exports such as; iron, gold, copper and zinc were heavily taxed, while in the case of nickel and bauxite exports were completely banned.
Although the country is most well-known for its coal production, when it comes to nickel and bauxite, Indonesian exports account for around 60% of the global seaborne trade. Indonesia is in fact one of the top two nickel producers worldwide, the ore of which is used for the production of nickel pig iron, essential to produce stainless steel, while bauxite is used to make aluminum. The major importer of both these commodities up to that point and key trading partner of Indonesia was China.
Since the ban came into effect, Chinese nickel imports have bottomed and despite the fact that China, in order to satisfy its demand, has turned to the Philippines, the reality is that Indonesian nickel ore is more suitable for feed stocking stainless steel and therefore the Filipino one can’t be the perfect replacement for it. Bauxite on the other hand is easy to replace but there are still issues like the higher cost when sourced from more distant regions, therefore Chinese imports are bound to remain suppressed until a suitable alternative source is found. But even in the case of other minerals, such as copper, that were not banned from being exported but the exports of which suffered mainly due to heavy taxation being applied, the net effect was pretty much the same; production was hammered and a big volume of cargoes said goodbye to the Asia Pacific market.
Supra and Handymax tonnage has been mostly affected by this ban, while the Panamax segment has also missed out on some important volume of business. Sebuku Iron Lateritic Ores (SILO) and Lumbung Mineral Sentosa, the two miners that recently agreed to pay the additional tax, have now shipped the first cargoes in six months. The importance of this recent development marks the beginning of a change in attitude by Indonesian producers, which could soon be coupled by a policy curb in taxation or even on the ban itself, especially if miners can prove the existence of plans to build smelting facilities locally.
The dry bulk trade in Southeast Asia is affected by a variety of patterns, and while Indonesian exports is one piece of the puzzle, it is quite an important one and one of those key issues that have been denying dry bulkers healthier business volumes in the Pacific. Once fully resolved, it is expected to give a strong boost to freight rates for Supra/Handymax tonnage in the region, and although for now this is only just a confidence boost, the truth is that these days the market is as hungry for confidence as it could be.
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, 06 August 14
CAPES: BUSINESS INTEREST REMAINS SOFT; CURRENTLY NO SIGNS OF IMPROVEMENT - INTERMODAL
COALspot.com: Despite the considerable pressure witnessed in the freight market for most of the size segments, the Dry Bulk Index was able to note ...
Wednesday, 06 August 14
SGX SUCCESSFULLY LAUNCHED NEW SGX COAL PRODUCTS
COALspot.com: Singapore Exchange (‘SGX’) has announced that, the exchange has successfully launched its new Coking and Thermal Coal pro ...
Monday, 04 August 14
ANNUAL SECOND HALF SURGE IN BRAZILIAN IRON ORE EXPORTS ABOUT TO BEGIN - JEFFREY LANDSBERG
COALspot.com: Great strength in the capesize market has all along been set to occur during the second half of this year, as that is when Brazilian ...
Monday, 04 August 14
SUB-BIT FOB INDONESIA COAL SWAP INCHES UP DESPITE LOW DEMAND
COALspot.com: Indonesian coal swaps for average Q4’ 2014 increased US$ 0.15 day on day and US$ 0.13 per mt week on week. But, the swap was lo ...
Monday, 04 August 14
Q1' 15 API 8 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 69.37 ON 1 AUGUST 2014; A $ 1.10 HIGHER COMPARED TO Q4' 2014 CLOSING
COALspot.com: Coal swap prices are showing a positive move upward this past week. API 8 CFR South China Coal swap for Q4, Q1 and Q2 2015 show ...
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- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Australian Coal Association
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
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