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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, 20 July 10
CHURCHILL PLANNING TO PRODUCE 35 MILLION TONNES PER ANNUM FROM ITS EAST KUTAI COAL PROJECT
According to Churchill's website, the East Kutai Coal Project is a world-class thermal coal deposit, with a JORC Mining Reserve of 961 milli ...
Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
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- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
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