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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, 07 August 10
INDIAN COAL IMPORTS WILL PLAY AN IMPORTANT PART IN KEEPING THE FREIGHT MARKET FIRM IN FUTURE - VISTAAR
COALspot.com: The freight market was volatile with market ending firmed and the BDI crossing 2000 points up by 3 pct, however the BCI was up by 14 p ...
Friday, 06 August 10
KRISHNAPATNAM PORT WINS NON MAJOR PORT AWARD 2ND TIME IN A ROW
COAlspot.com ( Press Release) Krishnapatnam Port, the world-class port on the Indian horizon, took the top honors for the second time in a row, in t ...
Friday, 06 August 10
POLANDS KOPEX GROUP DEVELOPS COAL MINE IN INDONESIA
Polishmarket reported that, Polish mining concern Kopex Group, , is to build the first in Indonesia mechanised underground coal mine. The group is c ...
Thursday, 05 August 10
MORATORIUM MAY HURT NEW PROJECTS: MINING GROUP
The government’s proposed two-year moratorium on issuing new concessions to convert forests and peatlands to other uses may hinder new mining ...
Thursday, 05 August 10
IRON ORE EXPORT BAN COMPOUNDS PROBLEMS OF INDUSTRY - BUSINESS STANDARD
Forex loss of Rs 300 crore (US$ 65.63 million) ; truckers, ports, Railways bear the brunt
The Karnataka government’s move to ban the export ...
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- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
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- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Economic Council, Georgia
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- MS Steel International - UAE
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
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- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
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