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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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Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
Friday, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
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- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- MS Steel International - UAE
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
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