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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, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...
Thursday, 10 June 10
PARAMOUNT MINING CORPORATION REPORTS KEY INDONESIAN JV AGREEMENT
Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...
Wednesday, 09 June 10
INDIA, CHINA TO PROP UP THERMAL COAL DEMAND - COMMODITY ONLINE
Commodity Online : Weakness in thermal coal demand in OECD will continue to be offset by growth in demand in India and China. Therefore, the s ...
Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...
Tuesday, 08 June 10
RUSSIA REPORTED A TENFOLD GROWTH IN COAL EXPORTS TO CHINA IN 1Q 2010 - BRS
A retreat for all the dry bulk segments this week, but especially for the Panamax and Supramax markets. The Panamax 4TC remains over US$30,000/day h ...
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- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- White Energy Company Limited
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Planning Commission, India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
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