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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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 10 February 16
OWNERS APPEAR WILLING TO DISPOSE OF TONNAGE THE SOONEST IT HITS THE 10 YEAR MARK - TIMOS PAPADIMITRIOU
COALspot.com: The last two months of 2015 made a case for traditional shipowners to invest in the dry bulk sector, doing so though based purely on ...
Monday, 08 February 16
DRY-BULK SHIPPING DIVING DEEP
COALspot.com: The freight markets continued to fall this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of glo ...
Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike ...
Friday, 05 February 16
COAL INDIA EYES COAL MINES IN SOUTH AFRICA - PTI
“Coal India Ltd has plans of acquiring coal mines in South Africa,” an official said. It is looking at acquiring mines in partnership w ...
Friday, 05 February 16
U.S. WEEKLY COAL OUTPUT ROSE 4.2% TO 13.6 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.6 million shor ...
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- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
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