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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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Thursday, 29 July 10
GOVT TOO OPTIMISTIC ON IRON, COAL PRICE
Federal government forecasts of continued strength in iron ore and coal prices, which underpin revenue expectations for the proposed new mining tax, ...
Thursday, 29 July 10
BALTIC INDEXES ARE POSITIVE SINCE A FEW DAYS
Handy
Baltic indexes are positive since a few days which could mean that markets have bottomed out (as we correctly predicted in our report of las ...
Wednesday, 28 July 10
INDONESIA'S MERUKH SECURES US$200 MLN INVESTMENT FROM SAN MIGUEL
Trading Market Reported that, Indonesian mining company Merukh Enterprises said it has secured an investment commitment of US$200 million from the P ...
Wednesday, 28 July 10
RIZAL RISJAD MAY OWN 10% BERAU ENERGY
Rizal Risjad, son of Indonesian tycoon Ibrahim Risjad, might own 10% stakes in PT Berau Coal Energy Tbk (BRAU), parent company of Indonesia's fifth ...
Wednesday, 28 July 10
UNUSUAL RAINS TO HIT COAL EXPORTS
COALspot.com: Heavy rains in South and East Kalimantan have compelled coal exporters to delay or cancel coal exports. PT Bayan and PT. TIA hav ...
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- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
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