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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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Friday, 23 July 10
KOWEPO TO IMPORT ADDITIONAL 1.2 MILLION TONS OF INDONESIAN COAL WITHIN 5 MONTHS
Korea Western Power Company Limited has finalized around 1.2 million tonnes of Indonesian origin of coal last week. According to K ...
Friday, 23 July 10
THE PANAMAX MARKET HAS CONTINUED ITS SLOW CLIMB - FEARNLEYS
Handy
Continued flat Atlantic markets and over-supply of tonnage across all segments on spot basis. Nevertheless there is more fresh enquiry on Co ...
Friday, 23 July 10
KPMG INDIA FACES COAL DEFICIT OF 50% OF EXPECTED POWER PLANT DEMAND, SAYS - BLOOMBERG
Bloomberg reported that, India may face a coal shortfall of 189 million metric tons a year by 2015, about 50 percent of the power sector’s exp ...
Thursday, 22 July 10
BERAUS IPO NEXT MONTH CAN BECOME THE LARGEST THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s fifth largest coal miner PT Berau Coal Energy Tbk will launch its initial public offering (IPO) ne ...
Thursday, 22 July 10
DRY BULK MARKET EDGES HIGHER, BUT RECOVERY IS SLOW
The dry bulk market’s recovery, which started last Friday has sustained its momentum thus far, but the pace of it seems to be an agonizing one ...
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- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
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