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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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Tuesday, 27 July 10
INDIA HAS IMPORTED 1.5 MILLION TONS OF COAL LAST WEEK
COALspot.com: Coal imports in Indian ports have reached over 1.5 million tons for the week ended 25 July 2010. According to port agents, aroun ...
Tuesday, 27 July 10
DRY BULK SPOT CARGO DEMAND SHARPLY UP, TRIGGERING RISE IN RATES
Hot on the heels of the dry bulk market’s first weekly gain in almost two months, Monday began on a similar note, with the Baltic Dry Index (B ...
Tuesday, 27 July 10
KANGAROO RESOURCES INKS 297MT COAL RESOURCE FOR TANUR JAYA PROJECT
Kangaroo Resources has reported JORC Code compliant open cut Coal Resources totalling 297 million tonnes for the Tanur Jaya Coal Project in East Kal ...
Monday, 26 July 10
INDONESIAN COAL PRICE REFERENCE FOR JULY 2010 IS US$ 96.65 PER TON FOB VESSEL
COALspot.com: The Directorate General of Mineral, Coal and Geothermal of Indonesia has been publishing a monthly coal price reference (HBA) since Fe ...
Monday, 26 July 10
BHATIA INTERNATIONAL, MIGHT GRAB THE MAJORITY OF COAL SUPPLY ORDER FROM MAHAGENCO
COALspot.com: Maharashtra State Power Generation Co., a provider of electricity to India’s commercial hub Mumbai, has received price bids from ...
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- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
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