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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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Sunday, 11 July 10
OVERALL NO OR NEGLIGIBLE IMPACT IN ARUTMIN MINE - BUMI
COALspot.com: Bumi denies the media reports on an impact of unusually rains on coal production in BUMI mines.
"Arutmin is being impacted by ...
Saturday, 10 July 10
FREIGHT MARKET SITUATION MAY CONTINUE FOR NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com: The market continued to soften further with the cape and panamax index down by about 20 pct and closed at 2,102 and 1,944 points respe ...
Saturday, 10 July 10
STC OF INDIA TO ASSOCIATE WITH FUEL SUPPLIERS
COALspot.com: State Trading corporation of India, which is under Ministry of Commerce, has invited Expression of Interest from coal suppliers ...
Saturday, 10 July 10
SCOMI TO SELL STAKE IN INDONESIA OPS - THE STAR
The star online reported that, Scomi Marine Bhd will sell a stake in its marine logistics business in Indonesia to a large Indonesian company to dea ...
Thursday, 08 July 10
KPCL RECEIVES 8 QUALIFIED BIDS TO SUPPLY 500,000 MT OF COAL
COALspot.com: Indian state utility KARNATAKA POWER CORPORATION LIMITED has opened price bid yesterday.
According to a participant, the quo ...
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- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Planning Commission, India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
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