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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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Thursday, 30 September 10
INDONESIAN COAL FOR POWER PLANT - LANKA GAZETTE
Lanka Gazette reported that, A cargo vessel with coal on board to generate electricity for the Norochcholai Coal Power Plant will arrive in Sri Lank ...
Thursday, 30 September 10
DRY BULK MARKET HEADS SOUTH ONCE MORE WITH MARKET SENTIMENT TAKING A CAUTIOUS APPROACH - HELLENIC SHIPPING
The dry bulk market didn’t manage to maintain the slightly upward momentum it had established during the first two session of the week, with t ...
Wednesday, 29 September 10
MOZAMBIQUE: COAL IN THREE MORE TETE DISTRICTS
All africa reported that, Coal deposits have been confirmed in the districts of Changara, Cahora Bassa and Magoe, in the western Mozambican province ...
Tuesday, 28 September 10
MMTC TO AWARD CONTRACT TO CEPL AND KNOWLEDGE TO SUPPLY 0.835 MILLION TONS OF IMPORTED COAL
COALspot.com: MMTC, India’s state owned trading company has opened three coal purchase tenders today.
According to our market sources, Coas ...
Monday, 27 September 10
DRY BULK: FREIGHT RATES CONTINUE TO FALL ON LOW ACTIVITY - HELLENIC SHIPPING
The dry bulk market didn’t manage to change its fortunes during the past week, with holidays across many Asian countries, predominantly China, ...
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- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- The University of Queensland
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
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