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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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Wednesday, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
Wednesday, 21 July 10
FEWER SHIPS SOLD FOR SCRAP IN JUNE, ADDING PRESSURE TO FREIGHT RATES
The easing of vessel tonnage supply should be among the main concerns among ship owners, especially those active in dry bulk shipping. The reason is ...
Wednesday, 21 July 10
BUKIT ASAM SEALS RP900 BIO COAL DEAL
Souce: Insider Stories
Insider Stories reported that, State-Owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) have agreed t ...
Wednesday, 21 July 10
TUAH TURANGGA BUYS ABP US$ 15.9 MIO
Source: Insider Stories
Insider Stories reported that, Komatsu heavy equipment PT United Tractors Tbk (UNTR) through its wh ...
Tuesday, 20 July 10
CHINA'S RELIANCE ON COAL TO DROP 7% BY 2015 - XINHUA NET
Xinhua Net reported that, China's coal consumption is likely to drop to 63 percent of total energy consumption by 2015, down from 70 percent last y ...
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- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
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- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
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- Central Java Power - Indonesia
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
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- Larsen & Toubro Limited - India
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- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
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- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Economic Council, Georgia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
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- Kohat Cement Company Ltd. - Pakistan
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- White Energy Company Limited
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- Indian Oil Corporation Limited
- Thai Mozambique Logistica
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- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
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- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
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- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
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- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
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- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
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