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Wednesday, 24 June 15
PANAMAXES: THE OUTLOOK REMAINS NEGATIVE AS DEMAND FOR COAL IS DIMINISHING - YANNIS OLZIERSKY
 As we get closer to the end of June, we can safely say that the 1st half of the year is leaving the dry bulk market with a bitter taste that we all wish to forget. The BDI was fluctuating around its lowest point ever recorded for the entire first half. The last two weeks though have given a much needed lift to the market, which nonetheless will need further momentum to make some actual difference in both sentiment and returns. Whether this momentum will be found in order to stabilize market rates at least above OPEX, is something that is hard to predict. However, and since we are coming out of the "dusk" of H1 and slowly moving towards the "dawn" of H2, a recap in titles could be of interest to our readers.
Starting with Capers, levels are currently at the highest point since January. With the Chinese iron ore inventories at their lowest point since November 2013 and with the price of iron ore at slightly above $60/ton, a mild recovery in terms of traded volume is expected. On the supply side, heavy demolition activity in H1 (more than 10mill dwt have been demolished since the beginning of the year) together with slippage, cancellation and conversions of dry bulk orders to tankers or containers, is restricting the growth of an already oversupplied market. On the other hand, China’s decision to support Vale’s iron ore expansion plan, may lead to an increase in iron ore supply. One would think that such decision would help the market recover on the back of tonne miles increase, however since most of Vale's transported iron ore will be shipped in Valemax ships the positive effect on rates will be hard to materialize.
On the Panamaxes, although rates have not seen today's levels since December 2014, the outlook remains negative as demand for coal is diminishing. Environmental concerns in many nations and especially in China have pushed towards usage of cleaner resources of energy. As a result, coal imports have declined significantly YoY and a revival is hard to be expected despite the fact that other big economies like India are increasing demand but doing so in a more moderated level. On the other hand, some support could be founded in the grain market on the back of the increased production of exporting countries like US, Canada and Brazil.
On the smaller sizes, Supramaxes have found support in the Atlantic thanks to grains and petcoke cargoes. India's high petcoke imports from the US have helped increase tonne miles in the sector, while in the Pacific, rates are also correcting upwards on the back of bauxite and nickel ore imports, with China being behind most of the latter. Handysizes are also trying to take advantage of the increase of shipments of both grains and other minor bulk commodities, however the impact on freights is moderate as charterers prefer to use bigger vessels for the transportation of commodities, especially for the Transatlantic trade.
In general, the market is being in doldrums and nothing exciting should be expected during the next couple of months, some spikes could give glimpses of hope. However, the next big thing will most probably be the fourth quarter of this year, a time when the market is traditionally advancing. What will happen this year remains to be seen with great interest. Therefore from the “dusk” of H1 till the “dawn” of the H2 nothing really crazy should be expected, apart maybe from some humans turning into vampires somewhere in a bar close to the Mexican borders...
By Yannis Olziersky
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
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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Friday, 17 July 15
DO CANCELLATION RIGHTS UNDER VOYAGE CHARTERPARTY SURVIVE RE-NOMINATION OF LOAD PORT? - INCE&CO
KNOWLEDGE TO ELEVATE
Do cancellation rights under voyage charterparty survive re-nomination of load port?
St Shipping & Transport Inc ...
Thursday, 16 July 15
INDONESIA'S HBA HITS ALL-TIME LOW OF $59.16 PER METRIC TON IN JULY 2015
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.16 pe ...
Thursday, 16 July 15
FOB RICHARDS BAY COAL SWAPS DECLINE W-O-W, M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 declined month over month and week over week.
The Q3 swap was down US$ ...
Wednesday, 15 July 15
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
The last few weeks have been rather strenuous for Greece and China, each for their own reasons, affecting most markets around the world. In Greece ...
Wednesday, 15 July 15
IRAN OIL RECOVERY TO TAKE YEARS, BUT COULD START IN 2016 - FITCH
Iranian crude oil production is likely to increase in 2016 but will take a number of years to reach its previous peak, Fitch Ratings says.
The ...
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- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- MS Steel International - UAE
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
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