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Thursday, 30 April 15
IRON ORE EXPORTS: A DANGEROUS RACE? - CLARKSONS
 The surge in iron ore exports in recent years has resulted in a significant decrease in iron ore spot prices, which dipped to a ten year low of below $47/t in April 2015. While lower prices helped to boost iron ore trade in 2014, the extent of the current price depression has raised questions over the ability of some miners to continue production at a loss, which is likely to have an impact on trade.
Surge In Exports
Australian seaborne ore exports increased 24% y-o-y in 2014, reaching 719mt, as the major miners Rio Tinto, BHP and Fortescue ramped up production.
The flood of Australian iron ore caused spot prices to fall 49% in 2014; to reach $69/t by December – a far cry from the previous five year average of over $135/t. Prices went on to hit a ten year low of $46.8/t in early April, but have rebounded slightly since. Nevertheless, many analysts have significantly reduced average price forecasts for 2015, with some projecting a level as low as $45/t.
Financial Pressure
Most small ore mining companies have a breakeven price of over $65/t. As prices have dropped below this level, high-cost miners around the world have reduced production, resulting in falling exports from the USA, Iran, Indonesia and Malaysia in 2014. Smaller miners in Australia are also increasingly feeling the pinch. Atlas Iron (which produced 12mt in 2014) was reportedly making a loss of more than $10/t and has now suspended production. BC Iron, which has a reported breakeven point of over $60/t, has seen shares plummet in recent months despite a reprieve from the Western Australian government for due payments of royalties. Fortescue, the fourth largest miner in the world, reportedly plans to expand production in 2015, but has introduced measures to further cut costs. Even the mining companies with low breakeven points – BHP Billiton and Rio Tinto – have seen their profit margins reduced. However, both companies still plan to expand production in the short-term.
Trade Impact?
As Rio Tinto and BHP increase supply this year, iron ore prices are likely to remain under pressure. Higher cost miners in China and elsewhere may reduce output as a result. Some analysts have projected over half of China’s 1,500 iron ore mines to close this year, despite a recent tax cut. Cheaper, higher quality iron ore imports are likely to continue to displace some Chinese output, although some Chinese miners may weather the weak price climate due to close ties with steel mills. This should support further growth in Chinese imports and global trade this year. However, the loss of output from other high cost miners globally could offset some of this growth. The pressure also seems unlikely to disappear soon, given weaker Chinese steel demand and expected expansion of Brazilian ore exports as projects come online in 2016-17.
While the list of mining companies who can afford to stay in the race may shrink, the scale of scheduled output growth from the larger miners is still likely to drive trade growth this year. However, against the backdrop of a lower price environment, and the potential for reduced Chinese demand, longer-term prospects for iron ore trade are starting to appear more challenging than previously.
Source: Clarksons Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 18 June 15
MERCATOR'S KAMSARMAX FIXED WITH CLEARLAKE
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company focused on markets such as India, ...
Wednesday, 17 June 15
PANAMAX RATE AVERAGED $22.82 PMT IN THE FIRST 10 DAYS OF JUNE FOR THE GRAIN ROUTE FROM SANTOS, BRAZIL, TO QINGDAO, CHINA - INTERMODAL
This year, Brazil will be exporting a record 96 million tons of soybean crop and starting in August the country will begin shipping a second corn c ...
Tuesday, 16 June 15
MERS: POTENTIAL CHARTERPARTY IMPLICATIONS - CLYDE & CO
KNOWLEDGE TO ELEVATE
South Korea's current outbreak of Middle East Respiratory Syndrome (MERS) has been the focus of much international at ...
Tuesday, 16 June 15
Q3 FOB INDONESIA COAL SWAP PRICE DOWN 50 CENTS OVER PAST WEEK
COALspot.com: Indonesian coal swap for delivery Q3 2015 gains month on month but declined week over week, this past week.
The Q3 swap was clim ...
Tuesday, 16 June 15
FOB RICHARDS BAY COAL SWAPS: PRICES MOVED UP ON THE WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and week over week.
The Q3 swap was up US$ 1.70 ...
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- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
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