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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, 19 June 15
U.S. WEEKLY COAL PRODUCTION UP SLIGHTLY COMPARED TO LAST WEEK; CONTINUES TO BE DOWN FROM LAST YEAR
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 15.4 million short ...
Friday, 19 June 15
INDONESIA'S COAL-TRAFFICKING PROBLEM REQUIRES IMPARTIAL INQUIRY - JAKARTA GLOBE
Indonesia, the leading supplier to the seaborne thermal coal market, produces 420 million tons of coal per year, according to its official tally.
...
Thursday, 18 June 15
DRY BULK SHIPPING: LOWEST FLEET GROWTH IN 10 YEARS MAY NOT PROVE ENOUGH AS DEMAND IS NOT KEEPING PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The demand side of things in the dry bulk market seems unable to keep pace with even the slightest fleet growth, a sign of the demise that the indu ...
Thursday, 18 June 15
THE FAR EAST HANDYSIZE, HANDYMAX, SUPRAMAX MARKET REMAINED STEADY LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market closed off on Friday (last week) noting small gains on the back of stronger performance in the Panamax segment, w ...
Thursday, 18 June 15
MERCATOR'S KAMSARMAX FIXED WITH CLEARLAKE
COALspot.com: Mercator Lines (Singapore) Limited, a leading Indian-owned international dry bulk shipping company focused on markets such as India, ...
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- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
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