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Wednesday, 27 January 16
CHINA'S STALLING ECONOMY HAS HAD A GREAT EFFECT ON VARIOUS COMMODITIES; DECREASED DEMAND DRIVING COMMODITY PRICES LOWER AND LOWER - LINOS ALEXANDROS KOGEVINAS
 Having gone through the first few weeks of 2016, it’s starting to look like another challenging year is ahead of us. Hopes for a recovery in the beginning of the year are quickly being tempered by the harsh reality of the situation. Various factors have contributed, in varying degrees, to the formation of a climate characterized by apprehension and distrust towards the future.
China, once held as the main driver of global growth had a lacklustre performance during 2015. With imports falling, projections for 2016 being corrected and billions having been wiped off from the Chinese stock market, it is quite obvious that the effects of the stagnation of the Chinese economy would be felt globally. China’s stalling economy has had a great effect on various commodities with decreased demand driving commodity prices lower and lower.
Iron ore has had a bad year. With a ~39% drop in price during 2015, iron ore rallied during the end of year. However, while global demand is flat, supply has been growing, steadily driving the price down. The big 3 (Vale, Rio Tinto, BHP) have, similar to OPEC’s strategy, been trying to price smaller, higher cost producers out of the market. 2016 is looking rather bleak, with most analysts expecting prices to remain low for the short-to-medium term future. Coal paints a similar picture, with prices falling and expected to fall even lower during the year. The bankruptcy of Arch Coal, the second largest miner in the US, is bad news for the industry. At the same time, major buyers such as Tokyo Electric Power Co. have decided on floating price contracts going forward, signaling that they anticipate prices may go even lower in the future. This of course, has had a large effect on the dry freight market which has been abysmally weak throughout the past year. We’ve observed consecutive historical lows on the BDI, and with various bulkers trading at – or below – OPEX levels, any recovery seems far off in the future.
One of the main issues prevalent during 2015 was the drastic decline in crude oil prices. Brent reached a 14 year low and, after a short 2 day rally, started dropping again and has settled, as of yesterday at $30.34/bbl. Predictably, this has had several adverse consequences especially for oil producers who have seen their profits crumble. It is still questionable whether recovery may occur within 2016. On top of this, with sanctions having been lifted, the Iranian oil ministry has commented that they plan on initially increasing output by 500,000 b/d. Iran’s oil production may very well apply further downward pressure on the price.
At the same time, the raging refugee crisis has dealt a great deal of damage to any stability in the European region. The massive inflows of refugees and the financial and political burden their accommodation has proven to be to the European member states, have all played their part in destabilising the European financial markets. This, coupled with tensions in the Middle East, further intensifies the ever-present political uncertainty.
Global financial stability has been compromised by this array of developments. Shipping, as a primarily reactive industry, has responded to the depressed market conditions and sentiment, exhibiting declining freight rates and asset values on the dry side. The future is almost certain to hold further challenges to the already beleaguered shipping market.
By Linos-Alexandros Kogevinas
Marketing—Harbour Towage & Port Agency
Cotzias Intermodal Shipping Inc.
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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Tuesday, 01 March 16
CAN BULKCARRIER SUPPLY CUTS RESTORE SOME BALANCE? - CLARKSONS
The easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% ...
Monday, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
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- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Australian Coal Association
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Planning Commission, India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
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