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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 13 July 15
THE DRY BULK MARKET CLOSED ON A POSITIVE TONE THIS PAST WEEK
COALspot.com: Despite Greece crisis and turmoil in the stock market across the world , the freight market overall was firm and up in all segments t ...
Sunday, 12 July 15
SHIPYARD NOT LIABLE FOR ENGINE ROOM FIRE CAUSED BY OIL LEAKAGE - BIRCH WINDAHL
KNOWLEDGE TO ELEVATE
A Danish vessel owner requested a Danish shipyard to undertake repairs and maintenance works on its vessel. An agreement ...
Saturday, 11 July 15
MAJOR IRANIAN GAS EXPORTS WILL TAKE AT LEAST FIVE YEARS - FITCH
Iran has the long-term potential to become one of the world's top gas producers, thanks to its 34 trillion cubic meters (tcm) of natural gas re ...
Friday, 10 July 15
DRY BULK MARKET KEEPS POSITIVE MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its positive momentum over the course of the past few days, thanks to Panamax gains. During yesterday’s session ...
Friday, 10 July 15
U.S PRODUCED APPROXIMATELY TOTALED AN ESTIMATED 14.1 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 14.1 million short ...
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- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- White Energy Company Limited
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Marubeni Corporation - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Australian Coal Association
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
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