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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, 23 August 10
COAL FOR FAST-TRACK PROGRAM ASSURED
Antara and the Jakarta globe reported that, the coal supply for the government’s 10,000 megawatt “fast- track” program was assured ...
Monday, 23 August 10
NOBLE RESOURCES AND PAN ASIA INK MAJOR COAL DEAL
Pan Asia Corporation Limited has, via Innovation West Pty Ltd, entered into a binding coal purchase & finance agreement with Noble Resources Pte ...
Monday, 23 August 10
THE FREIGHT MARKET IS EXPECTED TO BE FIRM FOR NEXT COUPLE OF WEEKS - VISTAAR SINGAPORE
COALspot.com: The BDI continued to rise this week by 11.67 pct with the other sectors also keeping the moment. The cape size index also was up by 11 ...
Friday, 20 August 10
JAKARTA TO HOST 9TH ASIA PACIFIC MINING CONFERENCE AND EXHIBITION IN OCTOBER
ASEAN Federation of Mining Association (AFMA), an association of mining groups in Southeast Asia, will hold the 9th Asia Pacific Mining Conference a ...
Friday, 20 August 10
OVERSEAS AND GENERAL SUBSIDIARY INKS US$52M JONGKANG COAL SALES CONTRACT - PROACTIVE INVESTORS
Proactive Investors reported that, overseas and General (ASX: OGL) has reported that its Indonesian majority owned subsidiary, PT OGL Indotrade, has ...
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- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- The University of Queensland
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Banpu Public Company Limited - Thailand
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