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Sunday, 08 November 15
CAPESIZE FREIGHT RATES IN AUSTRALIA-CHINA ROUTES OVER 50% CHEAPER THAN BRAZIL-CHINA ROUTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 China’s mining and steel industries are facing tectonic shifts over the past couple of years, with the country’s limiting of coal use, falling steel demand both domestic and foreign and iron ore prices tumbling to near 7-year lows as of yesterday and well below $50/ton. As such, the persistence of mining giants to keep production levels up, is puzzling.
In its latest report, shipbroker Cotzias Intermodal Shipping attempted to decode this puzzle, which is very important to the future prospects of the dry bulk shipping industry. According to the report, “four companies dominate global iron ore production, namely; BHP Billiton, Vale, Rio Tinto, and Fortescue Metals Group. Together these companies control more than 70 percent of the seaborne iron ore market”. However, despite low iron ore prices, the two major producers in Brazil and Australia have been following through with their longstanding plans to increase production.
According to Cotzias Intermodal Shipping’s Christopher Thomas Whitty, Marketing Manager, Towage & Port Agency, “the low iron ore price also comes as China’s official forecaster warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories. Rio Tinto in Australia and Vale in Brazil, are still ramping up production. For the first nine-months of 2015, Vale’s production overall is around 8 million metric tons higher than Rio Tinto’s at 248 million metric tons, while Vale’s shipments are just over 3 million metric tons higher. Of course Australian miners still have an advantage in delivered costs to China, the main importer for iron ore. For example, Capesizes hauling the commodity from Brazil to China last week saw rates around $12/ton for the Tubarao/Qingdao route, while from Rio Tinto’s Dampier terminal in Western Australian, freight rates were slightly in excess of $5.10/ton”.
Mr. Whitty added that “it is quite interesting to see that current iron ore prices aren’t worrying Rio Tinto. Their CEO, Andrew Harding, said he’s not losing sleep, because the business line, like the miner itself, is in for the long haul. He reasons that populations will continue to grow and develop, especially in Asia and iron ore will be needed to serve their needs. In September, Rio Tinto said its modelling showed that the world would need three billion tons of iron ore by 2030”.
Meanwhile, as per Intermodal’s analyst, “on the other side of the world, Vale is also quite confident in their iron ore division after releasing their third quarter results for 2015. Their highlight is the significant cost cutting during this period, which made Vale, the company with the lowest production cost/ton in the entire sector, reach an unprecedented cost level of $ 12.7/ton of iron ore. They are trailing faster growth compared to Australian majors, who this year posted stronger increases to volumes from new capacity ramp-ups”.
He added that “this is an oversupplied market that is obviously affected by the shrinking Chinese steel demand. On the other hand, oversupplied ore trade also creates opportunities for the large players, since it means that certain high-cost producers will struggle to survive. Some iron ore mines, such as those in Canada, China and Africa, have already buckled under the pressure. Nevertheless, producers with operating costs that are far below current iron ore prices are very well-positioned to take market share in the long term. Now if several high-cost producers exit the industry, it would be quite difficult for them to re-commence operations.
Over the long term, the low-cost iron mines could potentially fill the gap that remains after smaller companies exit the market. The gain in market share will likely increase margins, operating cash flow and profits. Hopefully this could also change the dynamics in the market and positively affect the demand for seaborne trade”, Whitty concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 11 November 15
Q3' 16 RICHARDS BAY COAL SWAP LOST 15.47% SINCE 6 AUGUST; 18.65% SINCE 6 MAY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 declined week over week and month over month.
The Q1’ 2016 &nb ...
Wednesday, 11 November 15
VESSEL VALUES ARE DOWN BY AT LEAST 20% SINCE MID-AUGUST - INTERMODAL
I had promised not to spend another broker’s insight focusing on the dry bulk side. However, the sale of the M/V Churchill Bulker (179,362 dw ...
Tuesday, 10 November 15
SELF-HEATING OF COAL HAS EMPHASISED THE IMPORTANCE OF CHECKING THE ACCURACY OF SHIPPER'S DECLARATIONS - GARD
Recent incidents involving self-heating of coal has emphasised the importance of checking the accuracy of shipper’s declarations for all type ...
Tuesday, 10 November 15
API 5 FOB NEWCASTLE COAL SWAP SLIDES CONTINUE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.55 per ton (8.50%) month over month to US$ 38.20 per ton. The swap ...
Monday, 09 November 15
BUNKER PRICES TO KEEP SLIDING THIS WEEK, EXPERT SAYS - MARINE BUNKER EXCHANGE
The oil price volatility has continued this week. Two dollars up one day and the next day two dollars down. The oil market has been trading on the ...
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- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Australian Coal Association
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- The University of Queensland
- GMR Energy Limited - India
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