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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, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
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- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Parliament of New Zealand
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
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