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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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Wednesday, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
Wednesday, 17 February 16
THE OWNERS FACING HISTORICAL LOW DRY BULK RATES; COAL IMPORTS TO CHINA IS STILL POINTING TO A STRONG TREND OF DECLINING CONSUMPTION
The sharp fall in dry bulk rates that has been taking place since the end of last year and has left owners facing historical low rates for a substa ...
Monday, 15 February 16
CALL THE DOCTOR! SHIPPING'S MEDICAL DRAMA UNFOLDS......- CLARKSONS
The recycling market has started 2016 with a bang, with a huge volume of tonnage heading to demolition facilities. Many of the key shipping markets ...
Monday, 15 February 16
CS 42 COAL INDEX ROSE 0.07% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.15 percent week over week to averaging $38.96 per ton on this past Friday, ...
Monday, 15 February 16
BALTIC INDEX MARGINALLY ROSE BY A POINT D-D; CAPESIZE INDEX DOWN 13 POINTS W-W; PANAMAX INDEX UP 29 POINTS W-W
COALspot.com: The freight markets continued to fall this past week.
The BDI, The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measu ...
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- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Minerals Council of Australia
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
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