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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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Thursday, 09 July 15
CPP MARKET : POSITIVE IN THE SHORT TERM - GEORGE VASTARDIS
Despite the traditionally quieter summer period, the clean tanker market has so far experienced healthy activity especially East of Suez. Increased ...
Thursday, 09 July 15
LACK OF FRESH BUSINESS IN THE PACIFIC LEFT CAPESIZE RATES MOVING SIDEWAYS - INTERMODAL
COALspot.com: Intermodal ship broker says in its weekly report that, a different picture from what we saw the previous week was painted during the ...
Wednesday, 08 July 15
RIO TINTO'S MODERNISED KITIMAT SMELTER BEGINS PRODUCTION; KITIMAT BECOMING ONE OF THE LOWEST COST SMELTERS IN THE WORLD
COALspot.com: Rio Tinto is preparing its first shipments of metal from its world-class Kitimat aluminium smelter in Canada following an extensive m ...
Wednesday, 08 July 15
Q3'15 INDONESIA COAL SWAP DECLINED 3.14% MONTH OVER MONTH
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and week over week, this past week.
The Q3 swap was declined $ ...
Tuesday, 07 July 15
FOB RICHARDS BAY COAL SWAPS DECLINED WEEK OVER WEEK
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$ ...
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- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Australian Coal Association
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- The University of Queensland
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
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