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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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Tuesday, 06 July 10
SHENHUA GROUPS 2013 PROFIT MAY EXCEED $15 BILLION - BUSINESS WEEK
Business Week reported that, Shenhua Group Corp., China’s biggest coal producer, expects profit to exceed 100 billion yuan ($15 billion) by 20 ...
Saturday, 03 July 10
THE FREIGHT MARKET CONTINUES TO BE UNCERTAIN - CAPT. REDDY
COALspot.com: The market continues to soften and the most affect sector was Panamax which was down by almost 20 pct and closed at 2447 points. The C ...
Friday, 02 July 10
SARDA ENERGY TO ACQUIRE COAL MINES IN INDONESIA
India Info Line reported that, Sarda Energy & Minerals Ltd has announced that the authorities in Indonesia have granted the Environment Cle ...
Friday, 02 July 10
DRY BULK MARKET ON A FREEFALL, REACHING ITS LOWEST IN 9 MONTHS
The Baltic Dry Index is off to break more negative records this week, as the dry bulk shipping industry’s main benchmark has failed to find ro ...
Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- The University of Queensland
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Parliament of New Zealand
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
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