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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, 15 October 10
VALUE ADDED TAX FOR COAL TO RE-INTRODUCE IN INDONESIA
COALspot.com: Indonesian government is drafting a ministerial decree to re-introduce value added tax for coal and mineral. Coalindo weekly news lett ...
Thursday, 14 October 10
COAL PRICES AT QINHUANGDAO PORT UP - CAPITALVUE
Capitalvue reported that, prices of steam coal yielding 5,500 kilocalories per kilogram (kcal/kg) in Qinhuangdao Port have risen five yuan to 715-72 ...
Thursday, 14 October 10
DRY BULK MARKET MAINTAINS POSITIVE TREND ON FIRMER CHINESE IRON ORE DEMAND
The dry bulk market has kept its upward trend set since last week, with the industry’s main benchmark, the Baltic Dry Index (BDI) rising to 2, ...
Tuesday, 12 October 10
DRY BULK MARKET LOOKING FOR DIRECTION AFTER WEEK OF CAPESIZE GROWTH
The dry bulk market ended Monday unchanged from Friday’s closing, today standing at 2,695 points. In summary, the capesize and the supramax se ...
Tuesday, 12 October 10
COAL SPOT TRADING MAY SOOTH PRICING CONFLICTS - GLOBAL TIMES
Global Times reported that, Tianjin-based Bohai Commodity Exchange launched steam coal for spot trading for the first time Monday. Steam coal is mai ...
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- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Planning Commission, India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- The University of Queensland
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
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