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Friday, 15 May 15
DRY BULK AND CONTAINER SHIPPING TO REMAIN WEAK, OUTLOOK FOR PORTS AND TANKERS POSITIVE - DREWRY MARITIME EQUITY RESEARCH
 Global economy is in a gradual recovery mode, sending mixed signals to investors. Chinese economic data continues to remain weak as economy transitions from an investment-led economy to consumption-led. We expect PBOC to continue with monetary easing with weak data prints raising concerns over growth. US GDP grew at an anaemic pace of 0.2% in 1Q15, but jobs data for April was strong. Meanwhile, the manufacturing activity in Eurozone is reviving and deflationary pressures are easing, helping continued economic recovery.
Oil and bunkers:
Oil prices staged a tremendous rally in past month with Brent up almost 50% since their multi year lows. Falling rig numbers in US shale and geopolitical tensions in Yemen helped the market sentiment. However, the increase in OPEC output and refineries’ maintenance in the second quarter will keep oil prices in check, in our view. Lower oil prices will help lower the cash break-even for ship operators.
Gas shipping:
LNG freight rates fell to the lowest since 2010 because of subdued demand and higher vessel supply. Within LPG shipping, VLGC freight rates started picking up on the back of congestion at Indian ports and start of a seasonally strong 2Q15. Freight rates of small-sized vessels also registered marginal improvement. Gas shipping stocks delivered an average return of 6% in April.
Dry bulk shipping:
The dry bulk sector continued to face headwinds due to lack of cargo availability and vessel oversupply. We expect 2015 to remain challenging, even though we are hopeful of a mild recovery in 2016 because of high vessel demolition and lack of new ordering that will favourably tilt the market equilibrium. This is mirrored by stock performance of dry bulk shipping operators vis-à-vis their counterparts in the maritime space such liners, tankers and port operators.
Tankers shipping:
Tanker charter rates have moved northwards on the back of increased non-OECD consumption, higher refinery runs and margins, lower crude oil prices, greater floating storage and tight supply. At high charter rates and lower operating costs, tanker shipping companies are expected to post higher operating revenues and improved net earnings. We expect the sector will continue to outperform the wider shipping sector on firmer rates and underlying earnings momentum.
Port Operators:
Hong Kong-listed port operators underwent rerating in April because of policy implementation. As earnings are expected to take centre stage in May, we remain optimistic that the port sector as a whole will reflect the uptick in global trade and continue to outperform MSCI World Index.
Source: Drewry Maritime Equity Research | Hellenic Shipping
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Wednesday, 20 May 15
TANKER MARKET INSIGHT - JOHN N. COTZIAS
Since Early October 2014 the tanker market has been experiencing a very positive momentum and has continued its strong performance so far in 2015. ...
Wednesday, 20 May 15
FOB RICHARDS BAY COAL SWAPS GAINED M-O-M, W-O-W
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 increased month over month and week over week.
The Q3 swap has increas ...
Wednesday, 20 May 15
BUKIT ASAM'S AVERAGE EXPORT PRICE WAS UNDER PRESSURE DURING Q1
COALspot.com: Indonesia’s state owned coal producer saw their profits fall in the first quarter of the year compared to the same period last ...
Wednesday, 20 May 15
IRON ORE PRICES TO REMAIN WEAK ON LOW DEMAND, HIGH OUTPUT - FITCH
Iron ore prices will stay low for several years due to increasing supply, weak demand growth in China and the slower-than-expected closure of high- ...
Tuesday, 19 May 15
KOMIPO IS SEEKING TOTAL 2.34 MMT OF HCV AND LCV COAL FOR 2015 - 2017
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 2.34 million Metric Tons (MT) of HCV ...
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- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- The University of Queensland
- Australian Coal Association
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
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