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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, 05 August 10
DRY BULK LOOKING TO CHINA FOR A NEW RALLY, BUT INDIA COULD BE THIS YEAR'S SURPRISE
The dry bulk market’s rebound has hit a “wall” this week, with the industry’s benchmark, the BDI (Baltic Dry Index) ending i ...
Wednesday, 04 August 10
MALAYSIA'S AGATE GROUP TIES UP WITH INDIA'S ECOGREEN TO DEVELOP COAL BUSINESS
COALspot.com: "Malaysian based AGATE Group had entered into an agreement with India's EcoGreen to jointly develop coal business in India ...
Wednesday, 04 August 10
ADARO PRODUCED 21.62 MILLION TONS OF COAL IN 1H 2010
COALspot.com: “Adaro Energy’s production volume during the second quarter of 2010 was 10.26 million tones and for the first half of 2010 ...
Wednesday, 04 August 10
CIL TO TAKE UP NEW PROJECT TO MEET INCREASED DEMAND OF COAL
As part of Annual Plan 2010-11, Planning Commission has projected all India demand of coal 656.31 Million Tonnes against which the indigenous supply ...
Tuesday, 03 August 10
INDONESIA CONSIDERING RUPIAH DENOMINATION
The jakarta post reportd that, the central bank is deliberating a potential Rupiah denomination in light of decreasing exchange rate valuations agai ...
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- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Planning Commission, India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
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