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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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Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
Wednesday, 23 June 10
WILHELMSEN SHIPS SERVICE OPENS NEW OFFICE IN KRISHNAPATNAM PORT INDIA
Wilhelmsen Ships Service has opened a branch office in Krishnapatnam port on the east coast of India according to statement released by company ...
Wednesday, 23 June 10
PTC'S INDONESIAN COAL-MINING FORAY-I: TO INVEST USD 69 MILLION VIA OVERSEAS SPV
Moving ahead with its plans to acquire coal assets abroad, the power trading major, PTC India Limited, has decided to invest a total of USD 69 milli ...
Tuesday, 22 June 10
INDIA HAS REPORTED MORE COAL IMPORTS FROM COLOMBIA
A second consecutive week of sharp corrections for the dry bulk market, although some of the softness could be attributed to Chinese holidays at the ...
Monday, 21 June 10
THE SUPRAMAX INDEX IN THE FAR-EAST (S6 ROUTE) WAS DOWN BY $ 1300 PER DAY - VISTAAR
COALspot.com: The market continued to soften in all sectors last week also with the BDI dropping by 18.07 pct and Cape index by 26.71 pct.
The BD ...
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- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Planning Commission, India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
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