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