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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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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 ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
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- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- VISA Power Limited - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
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