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