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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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Tuesday, 07 July 15
FOB NEWCASTLE COAL SWAP ADVANCED MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.28 per MT (-0.61%) month over month to US$ 45.85 per mt. The swap wa ...
Monday, 06 July 15
KOREA MIDLAND POWER COMPANY LIMITED ISSUED A TENDER FOR 250K MT BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 250K Metric Tons (MT) of 5300 kcal/kg NAR coal ...
Monday, 06 July 15
COAL TRADING & RISK MANAGEMENT TRAINING COURSE
Are you ready to invest in yourself and take your trading and risk management strategy to the next level? The Coal Trading & Risk Management Tr ...
Monday, 06 July 15
CFR SOUTH CHINA COAL SWAP; DECLINED D-O-D,W-O-W AND M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery declined US$ 0.53 (1.01%) per MT month over month.
A commodity swap ...
Sunday, 05 July 15
THE BALTIC DRY INDEX WAS DOWN 18%; PANAMAX UP 9%
COALspot.com: The freight market was soft during this week. However indices closed slightly firmer end of the week on 3rd July.
The BDI was do ...
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- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Australian Coal Association
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Planning Commission, India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
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