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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, 03 June 09
POWER DEMAND TO BOOST INDIA COAL IMPORTS DURING MONSOON - STEELGURU
Reuters quoted Indian coal importers said that strong demand for power in India is likely to keep coal imports at the maximum level possible in the ...
Wednesday, 03 June 09
NAPOCOR EXTENDS COAL TENDER FOR SOLE BIDDER - ABS CBNNEWS
National Power Corp. (Napocor), the top Philippine electricity producer, has given the lone bidder at a tender for 195,000 tons of coal more time to ...
Wednesday, 03 June 09
NEWCASTLE COAL EXPORTS JUMP 20 PERCENT; SHIP QUEUE LENGTHENS - BLOOMBERG
Coal exports from Australia’s Newcastle, the world’s biggest export harbor for the fuel, jumped 20 percent last week while the number of ...
Wednesday, 03 June 09
IPL-2 OVER, INDIAN COAL LEAGUE BEGINS IN SOUTH AFRICA - ECONOMICTIME
Steel, cement and power companies, which have traditionally relied on cheap Indonesian coal to fuel their factories, are rushing to buy South Africa ...
Wednesday, 03 June 09
BUILDING A ROAD TO LINK 3 GIANTS - THE JAKARTA GLOBE
Madhu Koneru is building a road to the future that will bring together the financial heft of the Middle East, the technological know-how of a rising ...
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- SMC Global Power, Philippines
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- GAC Shipping (India) Pvt Ltd
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- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
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- Economic Council, Georgia
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- McConnell Dowell - Australia
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- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Singapore Mercantile Exchange
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- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
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- Savvy Resources Ltd - HongKong
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- Commonwealth Bank - Australia
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- GN Power Mariveles Coal Plant, Philippines
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
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- IHS Mccloskey Coal Group - USA
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- Wilmar Investment Holdings
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- Agrawal Coal Company - India
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- Wood Mackenzie - Singapore
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- Sindya Power Generating Company Private Ltd
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- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
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- White Energy Company Limited
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- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
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- Tamil Nadu electricity Board
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- Sojitz Corporation - Japan
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