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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, 20 August 10
POWER COS SEEK MINING PARTNERS TO BID FOR 1,920-MW PROJECT
"A joint venture between the Maharashtra and Tamil Nadu governments for a pit-head power project, has been allotted the biggest coal block yet ...
Thursday, 19 August 10
INDONESIA EXPORTED 5.93 MLN TON OF COAL TO CHINA AND 3.52 MLN TONS TO INDIA IN JULY
COALspot.com: Indonesia shipped 3.52 million tones of thermal coal to India in July, fell 25.39 percent compared to June's exports of 4.71 million ...
Thursday, 19 August 10
WBPDCL INDIA LAUNCHES SPOT COAL TENDER
COALspot.com: The West Bengal Power Development Corporation Limited (WBPDCL ), A Govt. of West Bengal Enterprise, has launched spot contract tender ...
Thursday, 19 August 10
PANAMAX BACKED BY A STRONGER SHORT PERIOD MARKET AND SUPPORTED BY SOME FRESH REQUIREMENTS - FEARNBULK
Handy
The events of this week have confirmed our assessment of last week i.e. activity gradually picked up in the Atlantic with more enquiry seen ...
Thursday, 19 August 10
CSC TO SHIP COAL FOR NOROCHCHOLAI POWER PLANT
Daily Mirror reported that, coal for the Norochcholai Power Plant will be shipped to the country by the Ceylon Shipping Corporation (CSC) officials ...
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- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- ASAPP Information Group - India
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