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Saturday, 19 June 10
DRY BULK MARKET DOWN ON CHINESE SLOWDOWN FEARS
 Dry bulk freight rates have been on a freefall for more than two weeks now, something which has caused the industry’s benchmark, the Baltic Dry Index (BDI) to plunge by almost 30% in a month, ending the week at 2,694 points, down 90 on a daily basis. The index had rallied at more than 4,000 points just a few weeks, sparking renewed investment interest by ship owners. But, as most have realized by now, volatility will remain the norm for the market as the year progresses, with the so called “China factor” proving to be even more crucial for the market’s behavior.
According to Weberseas’ latest weekly report, “the expected mid-summer correction continued this week, affecting all sizes, but in particular the larger sizes with the capesize and panamax. However not to forget that China and Taiwan were on holiday from Monday to Wednesday this week made matters worse. On the other hand, positive news are coming from China where the country's net coal imports are expected to reach a huge 170 million tonnes this year. The same figure for 2009 was 103 million tonnes so this year we could see a jump in coal imports by as much as 65%. And why is this important news? Simply because China's energy consumption comes mostly from coal - in 2009 alone coal accounted for nearly 70% of the country's total energy consumption. Thus, coal movements into China will increase and this will be reflected in freight rates” said Weberseas.
Reflecting on Chinese economy and more interestingly for dry bulk ship owners on the steel industry, Commodore Research issued its monthly report on the subject, saying that “Chinese crude steel production set another new monthly record in May - but fears of an impending economic slowdown coming to China persist. China produced 56.17 million tons of crude steel in May, an increase of 770,000 tons (1%) from the previous monthly record of 55.4mt produced in April. Despite another month of record setting crude steel production, many market observers continue to expect that rapid economic growth in China will soon decrease.
Concerns are flooding the financial and shipping markets that recent government policies aimed at restricting bank lending and slowing the swift rise in real estate prices will drastically reduce economic growth in China. We believe that these fears are valid but anticipate Chinese economic growth will maintain robustness for the foreseeable future, even if lending moderates and real estate prices become less robust. Any decline in growth is expected to be small, and moderate lending and firm industrial demand and consumer spending are expected to continue. We do believe, however, that Chinese steel output will decrease in the short-term from an extremely robust level of current production” said the report.
It went on to state that Chinese steel prices remain under pressure and steel mills have begun to announce short-term production cuts and “maintenance” that will slow some blast furnaces. “Chinese steel stockpiles have decreased from a month ago, though, with stockpiles of flat and construction steel products now totaling about 15.2 million tons, a decrease of 300,000 tons (-2%). Current stockpiles are 3.38mt (-18%) lower than the record 18.58mt of steel stockpiled in the beginning of March. Chinese steel output is therefore still expected to remain strong even though output is likely to decline this month as steel producers react to falling prices. Chinese steel exports continue to reach monthly volumes not seen since 2008. China exported 4.94 million tons of steel in May, an increase of 630,000 tons (15%) from the 4.31mt exported in April. In the first five months of 2010, Chinese steel exports have averaged 3.59mt per month, an increase of 1.54mt (75%) from 2009‘s monthly average of 2.05mt. A steady increase in global steel demand continues to contribute to robust Chinese steel production” concluded Commodore.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
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- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
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