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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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Tuesday, 08 December 15
Q1' 16 API 5 FOB NEWCASTLE COAL SWAP CLOSED AT $ 36.73 A TON; 1.73% HIGHER COMPARED TO Q3' 16 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $1.47 per ton (3.85%) month over month to US$ 36.73 per ton. The swap ...
Tuesday, 08 December 15
HOW TO MITIGATE LEGAL RISKS WHEN PURCHASING BUNKERS - LESSONS LEARNED FROM THE OW BUNKER COLLAPSE - THE SWEDISH CLUB
KNOWLEDGE TO ELEVATE
About a year has passed since OW Bunker & Trading A/S filed for bankruptcy. The collapse shows that there are signifi ...
Monday, 07 December 15
5000 GAR CS (I) COAL INDEX REMAIN THE SAME OVER LAST WEEK
COALspot.com: The 5000 GAR CS (i) coal index remain the same over last week.
According to the CS (i) coal (system generated) index, the CS 50 ...
Monday, 07 December 15
COAL DEMAND IN 2016 FAILS TO SUPPORT PRICES; CFR SOUTH CHINA COAL SWAPS SEEN AT $US 42 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 1.70 (3.88%) per ton month over month.
A commodity swap ...
Sunday, 06 December 15
THE BDI DECLINED BY 3.09 PERCENT TO 563 POINTS ON 4 DECEMBER
COALspot.com: The BDI declined by 3.09 percent to 563 points on 4 December 2015.
The Cape index was also declined by 10.01 percent to 890 poin ...
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- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- VISA Power Limited - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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