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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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- PTC India Limited - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Malabar Cements Ltd - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- The University of Queensland
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
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