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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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Friday, 27 February 09
WIKA TO ACQUIRE MINING COMPANY
The Jakarta Post reported that, Public listed state construction firm PT Wijaya Karya (Wika) is to acquire a mining contracting firm in the first se ...
Friday, 27 February 09
COASTAL ENERGEN INKS PACT WITH CHINESE FIRM FOR POWER EQUIPMENT
My Digital Fc reported that, Dubai-based Coal and Oil Group, which is setting up a 1,200MW thermal power plant in Tamil Nadu, has tied-up with China ...
Thursday, 26 February 09
GMR INFRA COMPLETES INDONESIAN BUY
Blonnet reported that, GMR Infrastructure Ltd today confirmed the acquisition of an Indonesian coal mining company for a consideration of $80 millio ...
Wednesday, 25 February 09
INDONESIAN GOVERNMENT TO REGULATE MINIMUM COAL SELLING PRICES
The Jakarta Post reported that, To complement the recent enactment of the new mining law, the government is preparing to introduce a coal pricing in ...
Thursday, 19 February 09
GEOTHERMAL ENERGY DOMINATES 10.000 MW POWER PROJECT - ESDM
The role of coal as a source of energy is superseded by geothermal energy to power the second phase of the 10.000 megawatt (MW) power plant project. ...
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- Coalindo Energy - Indonesia
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- Wilmar Investment Holdings
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- Ministry of Transport, Egypt
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- Antam Resourcindo - Indonesia
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- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
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- Standard Chartered Bank - UAE
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- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
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- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
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- Ind-Barath Power Infra Limited - India
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- Minerals Council of Australia
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- Australian Coal Association
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- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
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- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
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- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
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- White Energy Company Limited
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- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
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- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
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- Thai Mozambique Logistica
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- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
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- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
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- Mjunction Services Limited - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
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- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
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- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
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