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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, 23 June 10
WILHELMSEN SHIPS SERVICE OPENS NEW OFFICE IN KRISHNAPATNAM PORT INDIA
Wilhelmsen Ships Service has opened a branch office in Krishnapatnam port on the east coast of India according to statement released by company ...
Wednesday, 23 June 10
PTC'S INDONESIAN COAL-MINING FORAY-I: TO INVEST USD 69 MILLION VIA OVERSEAS SPV
Moving ahead with its plans to acquire coal assets abroad, the power trading major, PTC India Limited, has decided to invest a total of USD 69 milli ...
Tuesday, 22 June 10
INDIA HAS REPORTED MORE COAL IMPORTS FROM COLOMBIA
A second consecutive week of sharp corrections for the dry bulk market, although some of the softness could be attributed to Chinese holidays at the ...
Monday, 21 June 10
THE SUPRAMAX INDEX IN THE FAR-EAST (S6 ROUTE) WAS DOWN BY $ 1300 PER DAY - VISTAAR
COALspot.com: The market continued to soften in all sectors last week also with the BDI dropping by 18.07 pct and Cape index by 26.71 pct.
The BD ...
Sunday, 20 June 10
OUR COAL: ITS DEVELOPMENT AND CONTROVERSIAL ISSUES
Indonesia’s production of coal has been growing amazingly. In the mid 1980s, national coal production was less than 1 million tons per annum, ...
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- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- MS Steel International - UAE
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- The University of Queensland
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
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