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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, 03 July 15
U.S DELIVERS WEAK FIRST HALF COAL PRODUCTION; 8.8% LOWER Y-O-Y
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.5 million short ...
Friday, 03 July 15
SHIPPING CONFIDENCE EQUALS SEVEN-YEAR LOW - MOORE STEPHENS
Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the p ...
Thursday, 02 July 15
TECHNOLOGY AND INNOVATION IN MINING 2015 - IXG
Information Exchange Group’s Technology and Innovation in Mining 2015- International Summit on Mining
Press Release: The inaugural editi ...
Thursday, 02 July 15
THE PERFORMANCE OF THE CAPESIZE SEGMENT PUSHED DRY BULK MARKET TO UPWARD LAST WEEK
COALspot.com: The Dry Bulk market continued its upward movement last week, with the BDI closing off on Friday (26 June) in excess of 800 points, wh ...
Wednesday, 01 July 15
Q4'15 AND Q1'16 FOB RICHARDS BAY COAL SWAPS ROSE W-O-W AND M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and down week over week.
The Q3 swap was up US$ ...
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- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
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