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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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- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- White Energy Company Limited
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Planning Commission, India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
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