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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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Saturday, 18 September 10
ECI / CHINA FREIGHT ROUTE DOWN BY 1.22 PCT OR US$ 225 PER DAY AND CLOSED AT US$ 18,123 PER DAY - VISTAAR
COALspot.com: The BDI was under pressure this week and was almost down by 11 pct and closed at 2676 points.
The Cape and Panamax index was almost ...
Friday, 17 September 10
CWP COAL WASHING PLANTS MACHINERY LANDS ON RUSSIAN MARKET!!
Press Release: CWP Coal Washing Plants Machinery Industry & Trade Co. which was founded in 1990, has been operating in Izmir with its closed pro ...
Friday, 17 September 10
FREIGHT RATES TO DECLINE FURTHER - ICICI SEC
Broking firm ICICI Securities said tanker freight rates reported a sharp drop with rates of Suezmax and Aframax carriers declining by 16% to USD 8,6 ...
Friday, 17 September 10
R-POWER, ADANI, GMR TO BID FOR $1-BN MINE
Reliance Power, Adani Power and GMR are in the race for a coal mine asset in Australia. The valuation of the asset is close to $1 billion (Rs 4,600 ...
Thursday, 16 September 10
RPG GROUP BUYS 10% IN AUSSIE COAL FIRM RESOURCE GENERATION
Dealcurry reported that, India's RPG Group's Integrated Coal Mining Limited (ICML) has acquired 10% stake (18,268,053 shares) in Resource Generati ...
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- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- White Energy Company Limited
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
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