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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warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.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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- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
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