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