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Wednesday, 23 September 15
CAPESIZE: SPOT RATES HAVE INCREASED MORE THAN 70 PER CENT DURING LAST WEEK
 Dry Bulk owners, always look at September as the time that the market “signals” what lies ahead for the remainder of the year. The Chinese iron ore restocking that traditionally picks up during Q4, is currently stealing the spotlight. The Capesize summer rally proved to be short-lived, with the average rate for the segment losing most of its gains and settling around $8,000/day. Spot rates have nonetheless increased more than 70% during last week.
Looking at the short term momentum, this appears to be favoring another boost for the big bulkers. Iron ore stockpiles at Chinese ports are currently well below the five year average. The 14% drop in imports that took place in August, has at the same time created an additional “gap” to be filled. The ratio of the present inventory of iron ore over steel production, which is also well below the five-year average, points out to a bigger than usual portion of iron ore stockpiles being consumed by Chinese mills and turned into steel. Despite the fact that domestic steel consumption has been faltering as of last year, production has found support in exports, which are up a whopping 27% in the first 8 months of the year. With low inventories of iron ore, steel production inching up last month, and a very strong trend of steel exports year to date, everything points out to another round of stockpiling and possibly another mini Capesize rally in the way, “mini” being the operative word here.
Although rates appear set to advance further in the following days, I am skeptic in regards to how long positive momentum can be sustained. The reality is that despite the decrease in Chinese iron ore production levels, these are still considerable given the current steel output in the country, setting a limit in imports and consequently the spikes Cape rates enjoy. As steel producers in China turn to higher quality imported iron ore and local iron ore producers exit the market amidst low prices, things certainly move towards the “right” direction but we are hardly there yet.
Additionally and even most importantly, China remains the top steel consuming market worldwide and despite the fact that shipping its steel to India and other SE Asian countries might be offsetting part of the gap created by the domestic consumption slowdown, it doesn’t even get close to filling it. With Chinese steel consumption and production expected to shift into an even lower gear, the amount of iron ore required by Chinese producers going forward is set to keep less and less dwt busy. Muddy waters for Capes.
By Eva Tzima
Research Analyst
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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Thursday, 10 December 15
CANADIAN MINER TECK ANNOUNCES LNG HAUL TRUCK PILOT PROJECT
Teck Resources Limited is piloting the use of liquefied natural gas (LNG) as a fuel source in six haul trucks at its Fording River steelmakin ...
Thursday, 10 December 15
FOB RICHARDS BAY COAL Q3' 16 DELIVERY SWAP WAS CLOSED 7.27% PER TON LOWER COMPARED TO AVERAGE Q1' 16 DELIVERY PRICE
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 decline month over month and week over week.
The Q1’ 2016 &nbs ...
Wednesday, 09 December 15
U.S. COAL EXPORTS DECLINE IN 2015 DUE TO SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES - EIA
COALspot.com: The slower growth in world coal demand and lower international coal prices have contributed to a decline in U.S. coal exports in 2015 ...
Wednesday, 09 December 15
DRY BULK EXPERIENCES THE PERFECT STORM - PANOS TSILINGIRIS
Dry bulk experiences the perfect storm as the slowing of demand predominantly because of China sat atop the exaggerated oversupply. The BDI broke t ...
Tuesday, 08 December 15
OPEC'S DECISION BODES WELL FOR THE TANKER MARKET: STRONG MIDDLE EAST CRUDE EXPORTS WILL CONTINUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
OPEC’s latest decision to keep up oil production is seen by shipbrokers as a further boost for the tanker market. At the end of last year OPE ...
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- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- The University of Queensland
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
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