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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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Wednesday, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
Wednesday, 21 July 10
FEWER SHIPS SOLD FOR SCRAP IN JUNE, ADDING PRESSURE TO FREIGHT RATES
The easing of vessel tonnage supply should be among the main concerns among ship owners, especially those active in dry bulk shipping. The reason is ...
Wednesday, 21 July 10
BUKIT ASAM SEALS RP900 BIO COAL DEAL
Souce: Insider Stories
Insider Stories reported that, State-Owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) have agreed t ...
Wednesday, 21 July 10
TUAH TURANGGA BUYS ABP US$ 15.9 MIO
Source: Insider Stories
Insider Stories reported that, Komatsu heavy equipment PT United Tractors Tbk (UNTR) through its wh ...
Tuesday, 20 July 10
CHINA'S RELIANCE ON COAL TO DROP 7% BY 2015 - XINHUA NET
Xinhua Net reported that, China's coal consumption is likely to drop to 63 percent of total energy consumption by 2015, down from 70 percent last y ...
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- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
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- The University of Queensland
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- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
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- New Zealand Coal & Carbon
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- Wilmar Investment Holdings
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- TNB Fuel Sdn Bhd - Malaysia
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- Malabar Cements Ltd - India
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- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
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- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
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- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
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- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
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- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
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- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
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- Wood Mackenzie - Singapore
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- Africa Commodities Group - South Africa
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
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- Pipit Mutiara Jaya. PT, Indonesia
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- Coal and Oil Company - UAE
- The Treasury - Australian Government
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- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
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- Kaltim Prima Coal - Indonesia
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- Kohat Cement Company Ltd. - Pakistan
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- Parliament of New Zealand
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- PowerSource Philippines DevCo
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- MS Steel International - UAE
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- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
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- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
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- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
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- Pendopo Energi Batubara - Indonesia
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- Tamil Nadu electricity Board
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- Minerals Council of Australia
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- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
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- CNBM International Corporation - China
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