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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, 23 October 10
HEAVY RAINS NO DAMPENER FOR 2010 COAL OUTPUT TARGET, MINISTRY SAYS - THE JAKARTA GLOBE
The Jakarta Globe reported that, National coal production would likely meet the target set by the Energy Ministry despite unusually heavy rain this ...
Thursday, 21 October 10
WORLDS FIRST, SINGAPORE EXCHANGE TO CLEAR OTC INDONESIAN COAL SWAP - MONDOVISIONE
Mondovisione reported that, Singapore Exchange (SGX) will be the first exchange in the world to clear over-the-counter (OTC) Indonesian Sub-Bitumino ...
Thursday, 21 October 10
MEC WOOS INDIAN POWER FIRMS FOR 50% STAKE SALE - BUSINESS STANDARD
Business-Standard reported that, Singapore-based MEC Coal plans to rope in an Indian power company as a 50 per cent equity partner. It is believed t ...
Thursday, 21 October 10
CAPESIZE, A FANTASTIC WEEK WITH IMPROVED RATES IN BOTH BASINS - FEARNBULK
Handy Activity remains slow this week combined with a lack of fresh enquiry in the Atlantic. Indexes are all negative except Cape but it is worth no ...
Wednesday, 20 October 10
BLENDING OF IMPORTED COAL AT THERMAL PLANT UP TO 30 % MAY BE ALLOWED - PUNJAB NEWS LINE
Punjab News Line reported that, Indian government is considering allowing increase in the blending ratio of imported coal from 10 to 30 percent at t ...
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- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- The University of Queensland
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- White Energy Company Limited
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Planning Commission, India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- MS Steel International - UAE
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
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