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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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Monday, 17 May 10
S. AFRICA CUTS EUROPE COAL SUPPLY, ASIA SALES RISE, TRADER SAYS - BLOOMBERG
Bloomberg reported that, South Africa’s Richards Bay Coal Terminal, Europe’s biggest source of the fuel burned for power, cut shipments ...
Monday, 17 May 10
GREEK CRISIS TO SEE FREIGHT RATES FALL BANGKOK POST
The Greek debt crisis will likely cause shipping rates to fall this quarter enabling SET-listed Precious Shipping Plc to buy second-hand vessels at ...
Monday, 17 May 10
NEWCASTLE COAL QUEUES COULD BE HISTORY - THE HERALD
NEWCASTLE'S infamous coal queues could be a thing of the past if a plan to have the ships anchor over the horizon succeeds against the doubts of it ...
Sunday, 16 May 10
THREE FIRMS SHORTLISTED FOR CIL'S $ 2BN OVERSEAS PROJECTS - ECONOMIC TIMES
Economic Times reported that, State-owned Coal India Ltd (CIL) has shortlisted US firms Massey Energy and Peabody Energy, besides Indonesian Novem/S ...
Sunday, 16 May 10
INDIKA ENERGY & COAL ASSETS EXPANSION
Insider stories reported that, PT Indika Energy Tbk (INDY) has three portfolio coal assets, PT Kideco Jaya Agung, coal asset in East Kalimanta ...
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- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Indika Energy - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- The University of Queensland
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
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