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