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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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Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
Wednesday, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
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- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Australian Coal Association
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
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