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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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Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- Central Electricity Authority - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Planning Commission, India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
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