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Saturday, 24 July 10
ANALYSIS - GROWTH IN VESSEL SUPPLY PRESSURES OCEAN FREIGHT RATES
 It's common to use global shipping rate trends as a proxy of global economic health. If demand for goods and raw materials are strong, so should it be transparent in rising shipping rates and demand to move product across the ocean. But rates have tumbled dramatically in the past two months. A benchmark indicator is the U.S. Gulf to Japan route for a generic 50,000-tonne vessel. In mid-May, rates were US$73/t and dropped to $51/tonne one week ago, now rising slightly to $55/t.
The greatest declines are for the biggest vessels (70,000t tonnes or more), the ones used to carry iron ore and coal from Australia and Brazil to China. Such ships cost about US$48,000 a day in late May; but are now only about $18,000 a day, according to industry participants. China's demand for steel appears to have cooled following the recent price surge during the first half of the year and China's effort to cool property markets by restricting credit.
This doesn't imply the beginning of a permanent downtrend. China's economy may be slowing, but the need for raw ingredients can be expected to continue to rise... just that it comes and goes in waves. Furthermore, supply of ships is increasing. It takes about two to three years for a ship to be built and ready to sail after an order is placed and the freight rate spike of three years ago accelerated orders. During first-half 2010, new vessels are coming into service at a rate of 16 a month, a 23 per cent increase over last year, according to industry sources. However, this is now increasing to 23 a month.
Container rates, meanwhile, are reported to be flat. Freight rates from Vancouver to India have slipped fromUS$70-75/t three months ago to$55-60/t. This has helped edible pea bids. Vancouver to China is about U.S. $35/t, down from three-month ago levels of around $50/t. Cheaper ocean freight is generally considered favourable as it lowers the cost of landed goods. Right now, this feels more like a supply growth push in vessel availability than a collapse in demand.
Source: Resource News International / Hellenic Shipping
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Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
Tuesday, 25 May 10
KALIMANTAN COAL RAIL PROJECT RUNS INTO COST DELAY - THE JAKARTA GLOBE
The Jakart globe reported that, A$1.5 billion coal rail and port project planned for Central Kalimantan may be delayed by a year after a review of t ...
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- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
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- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- GVK Power & Infra Limited - India
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- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
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- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
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- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
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- Power Finance Corporation Ltd., India
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- Central Electricity Authority - India
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- ASAPP Information Group - India
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- Indian Oil Corporation Limited
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- The State Trading Corporation of India Ltd
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- Metalloyd Limited - United Kingdom
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- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
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- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Eastern Energy - Thailand
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
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- Karbindo Abesyapradhi - Indoneisa
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- Altura Mining Limited, Indonesia
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- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
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- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
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- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Videocon Industries ltd - India
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- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
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- Coal and Oil Company - UAE
- Latin American Coal - Colombia
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- McConnell Dowell - Australia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
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- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
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- Cement Manufacturers Association - India
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- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
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- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
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- Directorate Of Revenue Intelligence - India
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- Ind-Barath Power Infra Limited - India
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- Bhoruka Overseas - Indonesia
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