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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, 26 June 15
INDONESIA COAL PRODUCTION FALLS BETWEEN JAN-MAY : JG
The Ministry of Energy and Mineral Resources announced that coal production declined to 166 million tons between January and May, a 19 percent drop ...
Friday, 26 June 15
COAL PRODUCTION IN THE U.S ROSE 6.0% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 16.3 million short ...
Thursday, 25 June 15
THE PORT OF NEWCASTLE SHIPPED 13.31% MORE COAL IN MAY 2015 COMPARED TO APRIL 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.18 billio ...
Thursday, 25 June 15
CAPESIZE: PERIOD INTEREST REMAINED STRONG FOR A SECOND WEEK - INTERMODAL
COALspot.com: Following those depressive last six months, the BDI closed off on last Friday noting a substantial weekly increase, which pushed the ...
Tuesday, 23 June 15
Q3 FOB INDONESIA COAL SWAP FALL $1.12 IN ONE 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 $ ...
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- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Australian Coal Association
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
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