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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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Wednesday, 01 July 15
BEIJING HAS OFFICIALLY EXTENDED BY TWO YEARS ITS SUBSIDY PROGRAM TO SUPPORT LOCAL SHIPPING COMPANIES IN SCRAPPING THEIR OLD TONNAGE - INTERMODAL
Last week, Beijing has officially extended by two years its subsidy program to support local shipping companies in scrapping their old tonnage in w ...
Tuesday, 30 June 15
Q1'16 FOB INDONESIA COAL SWAP CLOSED $ 43.45 PER MT
COALspot.com: Indonesian coal swap for delivery Q3 2015 declined month on month and flat week over week, this past week.
The Q3 swap was decli ...
Monday, 29 June 15
CFR SOUTH CHINA COAL SWAPS UP SLIGHTLY MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q3’ 2015 delivery rose US$ 0.57 (1.11%) per MT month over month.
A commodity swap is a ...
Monday, 29 June 15
FOB NEWCASTLE COAL SWAP SLIGHTLY UP MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q3’ 2015 delivery up $ 0.49 per MT (1.08%) month over month to US$ 45.77 per mt. The swap was ...
Saturday, 27 June 15
THE FREIGHT MARKET WAS STEADY EARLIER IN THE WEEK; SOFTEN INTO WEEK'S END
COALspot.com: The freight market remain steady earlier in the week, but towards end of the week BDI and BCI shows some signs of softening.
The ...
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- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Planning Commission, India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
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