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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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Saturday, 19 June 10
STRONG DEMAND, RISING PRODUCTION SETTING SCENE FOR COAL BONANZA - THE JAKARTA GLOBE
The Jakarta globe rerported that, As the nation’s coal miners enjoy burgeoning demand from energy-hungry economies such as China and India, th ...
Saturday, 19 June 10
DRY BULK MARKET DOWN ON CHINESE SLOWDOWN FEARS
Dry bulk freight rates have been on a freefall for more than two weeks now, something which has caused the industry’s benchmark, the Baltic Dr ...
Saturday, 19 June 10
COAL INDIA KEEN ON BLOCK DEVELOPMENT IN INDONESIA - THE HINDU BUSINESS LINE
Expanding horizon
Agreement by the Indonesian Government is likely to help CIL gain foothold in India's largest sourcing point of thermal coal.
...
Friday, 18 June 10
THE PANAMAX MARKET CONTINUED ITS SOFTENING TREND - FEARNBULK
Handy
Flat Atlantic markets with most markets in ´slow mode´ due to holidays in China.
Supramax vessels open in the USG are achievi ...
Thursday, 17 June 10
INDONESIAN COAL PRICE REFERENCE FOR JUNE IS US$ 97.22/TON UP 5.59 PERCENT
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has been publishing a monthly coal price reference (HBA) to be us ...
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- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
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