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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, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
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- Energy Link Ltd, New Zealand
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- Rio Tinto Coal - Australia
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- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
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- Coastal Gujarat Power Limited - India
- The University of Queensland
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- SMC Global Power, Philippines
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- Wilmar Investment Holdings
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- Power Finance Corporation Ltd., India
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- Vedanta Resources Plc - India
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- Global Coal Blending Company Limited - Australia
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- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
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- Ministry of Mines - Canada
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- Chamber of Mines of South Africa
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- Global Green Power PLC Corporation, Philippines
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- TNB Fuel Sdn Bhd - Malaysia
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- The State Trading Corporation of India Ltd
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- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
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- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
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- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
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- Electricity Generating Authority of Thailand
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- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
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- Posco Energy - South Korea
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- Tamil Nadu electricity Board
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- Agrawal Coal Company - India
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- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
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- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
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- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
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- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
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- Bhatia International Limited - India
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- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
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- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
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- McConnell Dowell - Australia
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- Planning Commission, India
- Cement Manufacturers Association - India
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- Sakthi Sugars Limited - India
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