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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warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.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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Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
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- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- The University of Queensland
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Planning Commission, India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
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