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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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Monday, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
Saturday, 28 August 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS FIRM FOR CAPE AND PANAMAX VESSELS - VISTAAR
COALspot.com: The freight market appeared to be heading for correction with the indices coming off during later part of the week. The BDI closed 44 ...
Saturday, 28 August 10
KRISHNAPATNAM PORT SETS AN ALL INDIA COAL DISCHARGE RECORD
COALspot.com: Krishnapatnam Port has established all new record for coal discharged in India using the conventional system of coal unloading for por ...
Friday, 27 August 10
PAKISTAN WILL IMPORT 8 TO 10 PERCENT MORE COAL IN 2011
COALspot.com: Pakistan to import 4 million ton of coal in 2011 up by 8-10 percent compare to this year’s imports. "Pakistan's tota ...
Thursday, 26 August 10
CHARTERERS SWITCHING FROM PANAMAX TO CAPE STEMS DUE TO CAPE FALL
Handy
The activity picked up in the Atlantic with more enquiries seen for short period tonnage for end August/beg September - As the grain season ...
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- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- The University of Queensland
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Bhatia International Limited - India
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