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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, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
Tuesday, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
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- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
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- CNBM International Corporation - China
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- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Planning Commission, India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
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