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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, 20 July 10
CHURCHILL PLANNING TO PRODUCE 35 MILLION TONNES PER ANNUM FROM ITS EAST KUTAI COAL PROJECT
According to Churchill's website, the East Kutai Coal Project is a world-class thermal coal deposit, with a JORC Mining Reserve of 961 milli ...
Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
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- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
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