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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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Monday, 26 July 10
CEMENT MAKERS EXPLORE NEW FUELS TO REPLACE COAL - ECONOMIC TIMES
Economic Times reported that, As the cement industry reels under high raw material costs and reduced coal linkages, companies are exploring alternat ...
Saturday, 24 July 10
INDONESIAS BUKIT ASAM H1 2010, SALES RAISED 10% TO 6.44 MILLION TONS
COALspot.com: PT Tambang Batubara Bukit Asam (PTBA), Indonesian state owned mining company’s H1 2010, sales raised 10% to 6.44 million tons. T ...
Saturday, 24 July 10
INDONESIAN COAL MINERS ARE REQUIRED TO SUPPLY 64.96 MLN TONS OF COAL TO DOMESTIC MARKET IN 2010
COALspot.com : Minister of Energy and Mineral Resources of Indonesia has issued a ministerial degree related to Domestic market obligation (DMO) for ...
Saturday, 24 July 10
THE BDI SEEMS TO BE RECOVERING AND WAS UP BY ABOUT 6 PCT - CAPT. REDDY
COALspot.com: "The BDI seems to be recovering and was up by about 6 pct this week after losing for almost last 7 weeks", said Capt. Reddy, ...
Saturday, 24 July 10
ANALYSIS - GROWTH IN VESSEL SUPPLY PRESSURES OCEAN FREIGHT RATES
It's common to use global shipping rate trends as a proxy of global economic health. If demand for goods and raw materials are strong, so should it ...
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- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Economic Council, Georgia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Planning Commission, India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
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