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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, 15 September 10
VIETNAM TO IMPORT UP TO 15 MLN TONS COAL/YR BY 2015 - VIETNAM BUSINESS
Vietnam Business reported that, Vietnam will need to import 3 million to 15 million tons of coal a year by 2015, rising to 21 million to 40 million ...
Tuesday, 14 September 10
MID HIGH TEENS FROM WCI, AND HIGH TEENS FROM ECI TO CHINA - BRS
A fairly flat market for the dry bulk segments this week, although the Panamaxes jumped on the back of strong grain exports in the Atlantic. It ...
Tuesday, 14 September 10
HIGH CHARTERING ACTIVITY NEEDS TO KEEP UP FOR DRY BULK RATES TO REMAIN HIGH
Last week’s increase of spot chartering activity pushed dry bulk freight rates to new highs, after a less than lackluster summer. As a result, ...
Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 ...
Monday, 13 September 10
IT'S JAI INDONESIA FOR OUR POWER FIRMS
Indian power producers have been compelled to look abroad for fuel to run upcoming facilities, as domestic generation is unlikely to be able to meet ...
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- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- PTC India Limited - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
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