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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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Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
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- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- White Energy Company Limited
- PTC India Limited - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
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