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