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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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Monday, 28 September 15
CAPESIZE FLEET INCREASES BY JUST 1 VESSEL DURING LAST 12 MONTHS, IN POSITIVE SIGN FOR DRY BULK SHIPPING MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
After a rather tumultuous period, the shipping industry and more particular the dry bulk market has started to adjust to the new realities of globa ...
Monday, 28 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP ROSE 2.73 PER CENT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery moved upward US$ 1.45 (3.04 %) per ton month over month.
A commodity ...
Sunday, 27 September 15
THE PANAMAX INDEX FELL 1.19 PCT WEEK OVER WEEK
COALspot.com: The BDI closed Friday (25/09/2015) at 943 points, down by 17 points compared to previous Friday closing (18/09/2015). The BDI wa ...
Friday, 25 September 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING SEPTEMBER 19 ROSE 2.5% PER CENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Wednesday, 23 September 15
INDONESIA: NEW REGULATION APPLIES FINAL INCOME TAX TO MINERAL AND COAL SALES - FLORENCE GRACIA SANTOSO
To increase state revenue from the mining sector, the Government of Indonesia has imposed a new final income tax on any sale of mineral and coal, a ...
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- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- The University of Queensland
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
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