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Saturday, 19 June 10
DRY BULK MARKET DOWN ON CHINESE SLOWDOWN FEARS
 Dry bulk freight rates have been on a freefall for more than two weeks now, something which has caused the industry’s benchmark, the Baltic Dry Index (BDI) to plunge by almost 30% in a month, ending the week at 2,694 points, down 90 on a daily basis. The index had rallied at more than 4,000 points just a few weeks, sparking renewed investment interest by ship owners. But, as most have realized by now, volatility will remain the norm for the market as the year progresses, with the so called “China factor” proving to be even more crucial for the market’s behavior.
According to Weberseas’ latest weekly report, “the expected mid-summer correction continued this week, affecting all sizes, but in particular the larger sizes with the capesize and panamax. However not to forget that China and Taiwan were on holiday from Monday to Wednesday this week made matters worse. On the other hand, positive news are coming from China where the country's net coal imports are expected to reach a huge 170 million tonnes this year. The same figure for 2009 was 103 million tonnes so this year we could see a jump in coal imports by as much as 65%. And why is this important news? Simply because China's energy consumption comes mostly from coal - in 2009 alone coal accounted for nearly 70% of the country's total energy consumption. Thus, coal movements into China will increase and this will be reflected in freight rates” said Weberseas.
Reflecting on Chinese economy and more interestingly for dry bulk ship owners on the steel industry, Commodore Research issued its monthly report on the subject, saying that “Chinese crude steel production set another new monthly record in May - but fears of an impending economic slowdown coming to China persist. China produced 56.17 million tons of crude steel in May, an increase of 770,000 tons (1%) from the previous monthly record of 55.4mt produced in April. Despite another month of record setting crude steel production, many market observers continue to expect that rapid economic growth in China will soon decrease.
Concerns are flooding the financial and shipping markets that recent government policies aimed at restricting bank lending and slowing the swift rise in real estate prices will drastically reduce economic growth in China. We believe that these fears are valid but anticipate Chinese economic growth will maintain robustness for the foreseeable future, even if lending moderates and real estate prices become less robust. Any decline in growth is expected to be small, and moderate lending and firm industrial demand and consumer spending are expected to continue. We do believe, however, that Chinese steel output will decrease in the short-term from an extremely robust level of current production” said the report.
It went on to state that Chinese steel prices remain under pressure and steel mills have begun to announce short-term production cuts and “maintenance” that will slow some blast furnaces. “Chinese steel stockpiles have decreased from a month ago, though, with stockpiles of flat and construction steel products now totaling about 15.2 million tons, a decrease of 300,000 tons (-2%). Current stockpiles are 3.38mt (-18%) lower than the record 18.58mt of steel stockpiled in the beginning of March. Chinese steel output is therefore still expected to remain strong even though output is likely to decline this month as steel producers react to falling prices. Chinese steel exports continue to reach monthly volumes not seen since 2008. China exported 4.94 million tons of steel in May, an increase of 630,000 tons (15%) from the 4.31mt exported in April. In the first five months of 2010, Chinese steel exports have averaged 3.59mt per month, an increase of 1.54mt (75%) from 2009‘s monthly average of 2.05mt. A steady increase in global steel demand continues to contribute to robust Chinese steel production” concluded Commodore.
Source: Nikos Roussanoglou, Hellenic Shipping News Worldwide
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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 - ...
Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
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- Metalloyd Limited - United Kingdom
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- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
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- Chettinad Cement Corporation Ltd - India
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- Commonwealth Bank - Australia
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- Maheswari Brothers Coal Limited - India
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- White Energy Company Limited
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- Intertek Mineral Services - Indonesia
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- Sical Logistics Limited - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- PTC India Limited - India
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- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
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- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
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- Indonesian Coal Mining Association
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- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
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- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
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- Georgia Ports Authority, United States
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- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
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- Orica Mining Services - Indonesia
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- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
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- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
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- OPG Power Generation Pvt Ltd - India
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- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
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- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
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- Alfred C Toepfer International GmbH - Germany
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