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Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
 The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) finally came to a halt, after 35 straight losing sessions, the longest in 15 years. It managed to pull up to to 1.720 points, with daily rates for capesizes, now at $12,495, now from almost three times this figure, back in late May, when the sector’s doom began. Earlier in the week, a report from shipbroker Fearnley’s has called the state of the capesize market the most dramatic in modern times. It also warned that China would remain quiet for some time. The panamax market managed to fare better during this downfall, having four straight rising sessions during the week. Panamax rates now command $16,839 on a daily basisi, while the even smaller in capacity Supramaxes can receive even higher fees of $17,448, an abnormality that should even out soon enough, as has been the case in similar scenarios in the recent past.
Most analysts seemed to agree that the market’s demise is now over, stating that the bottom of the barrel has been found. As always, the so called China “factor” showed its teeth, with Asia’s leading economy proving to be the most critical factor for the dry bulk market. Raising the question of whether the new foreign trade record recently set from China will support shipping demand, BIMCO’s shipping analyst, Peter Sand said that “China may not post a new export record in July, but the foreign trade data looks strong from a shipping point of view. Right now container ships are departing from China fully loaded with cargo left on the quay, due to lack of containers.”
Chinese import and export figures published Monday by Chinese customs show that gross foreign trade value attained USD 254.8 billion in June 2010, which is a new record monthly high. June also marked a new export record of USD 137.4 billion, emphasizing China’s position as the world’s largest exporter. But the strong export in recent months may be inflated by the forthcoming reduction in export tax rebates that may erode the competitiveness of some Chinese goods in a combination with a stronger Chinese currency.
Iron ore imports stayed relatively strong in June with 47.2 million tonnes being landed in China down 9.1% from May. But during first half of 2010 imports are still 4.1% higher y-o-y according to Chinese customs. Given the metal product export industry is reporting an expansion of new export orders a complete evaporation of Chinese demand is not likely to take place. Despite that some have linked the continued drop of the Baltic Dry Index with an ongoing slowdown in China. “That is definitely a part of the explanation but over-supply of tonnage remains to be the focal reason for falling freight rates. According to the latest BIMCO supply growth forecast the dry bulk fleet could grow as much at 15% in 2010, with Capesize seeing the largest growth”, added Peter Sand.
In the US: state of the market composite indicators ISM Service and ISM Industry revealed identical tendencies towards continued growth at a slower pace than previous month. It is worthwhile to notice that the sub-index for new service orders declined for the fourth month in a row, to 54.4 down from 57.1 in May. This reading is the lowest this year. Meanwhile in Europe, the European Central Bank decided to leave the interest rate unchanged at 1% as the bank expects the euro-zone to grow moderately and at uneven in an environment still characterized by great uncertainty.
Meanwhile during the week China revealed that its GDP grew by 10.3% y-o-y in second quarter 2010 down from 11.9% in Q1. Chinese industrial production also took a breather, as growth for the second quarter came in at 13.7% y-o-y. The slowdown was expected, as indicated by the monthly manufacturing PMI data previously released. Inflation also declined to 2.9% y-o-y in Q2.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 27 July 10
INDIA HAS IMPORTED 1.5 MILLION TONS OF COAL LAST WEEK
COALspot.com: Coal imports in Indian ports have reached over 1.5 million tons for the week ended 25 July 2010. According to port agents, aroun ...
Tuesday, 27 July 10
DRY BULK SPOT CARGO DEMAND SHARPLY UP, TRIGGERING RISE IN RATES
Hot on the heels of the dry bulk market’s first weekly gain in almost two months, Monday began on a similar note, with the Baltic Dry Index (B ...
Tuesday, 27 July 10
KANGAROO RESOURCES INKS 297MT COAL RESOURCE FOR TANUR JAYA PROJECT
Kangaroo Resources has reported JORC Code compliant open cut Coal Resources totalling 297 million tonnes for the Tanur Jaya Coal Project in East Kal ...
Monday, 26 July 10
INDONESIAN COAL PRICE REFERENCE FOR JULY 2010 IS US$ 96.65 PER TON FOB VESSEL
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Monday, 26 July 10
BHATIA INTERNATIONAL, MIGHT GRAB THE MAJORITY OF COAL SUPPLY ORDER FROM MAHAGENCO
COALspot.com: Maharashtra State Power Generation Co., a provider of electricity to India’s commercial hub Mumbai, has received price bids from ...
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- Marubeni Corporation - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- The University of Queensland
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
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