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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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- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
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