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