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Friday, 07 March 14
DRY BULK MARKET TO BENEFIT FROM CHINA'S GDP GROWTH TARGET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With the dry bulk market freight rates finally making waves, China's aim of 7.5% GDP growth for 2014 mean once again positive news for the shipping market, in particular dry bulk. According to a note released yesterday by BIMCO's Chief Shipping Analyst, Mr. Peter Sand, "despite being a little down on the 2013 GDP growth of 7.7%, the growth target of 7.5% set by China’s Premier Li Keqiang at his first appearance at China’s annual parliamentary session bodes well for shipping, trade, and commodity demand in 2014".
According to the note, in 2013, Chinese seaborne imports surpassed the 2 billion tonnes, mark according to CRSL. To put that into perspective, it means that China has now more than doubled its imports from one billion tonnes in 2008 to 2.1 billion tonnes in just five years.
Imports of dry bulk commodities dominate the trade by accounting for 74% in 2013. Led by iron ore, which accounts for 39%, the scope of imports become larger and wider every day. Peter Sand, says: “The importance of China to the shipping market is second to none. This goes for all major shipping segments. In spite of leaving the double-digit growth rates behind us in the previous decade, the sheer size of the world’s second-largest economy now gives so much impetus to our industry that we have become addicted to China.”
The announcement of the target, delivered during the 12th National People’s Congress on 5 March, comes after a couple of month where the Chinese economy has shown some weakness in Purchasing Managers Index (PMI) developments. Recent development in Chinese PMI showed an 8-month low in the official PMI, coming in at 50.2 in February. The HSBC China Manufacturing PMI posted at 48.5 in the same month supplements this slowing tendency. Both indexes agree on tougher conditions for smaller and medium-sized enterprises, whereas larger enterprises seem to fend off the headwind rather better. The average of China’s manufacturing PMI for 2013 was 50.2 for the HSBC/Markit indicator, which is more focused on smaller and medium-sized enterprises, whereas the official PMI indicator, which is more focused on the larger enterprises, averaged at 50.8. Going forward, expectations are very positive for both China and the world as such.
Sand went on to add that “a strong shipping market support from China is vital to pave the way back to a future sustainable market. Past contributions have been enormous. If the future holds more of the same, we will continue to see improvements in the fundamental balance between supply and demand”, the shipping analyst concluded. Meanwhile, the dry bulk market continued to make progress, with the BDI (Baltic Dry Index) ending yesterday's session on yet another rise, with the Capesize market stealing the "show" once again. The BDI was up by 89 points to 1,480, with the Capesize Index rising by an impressive 234 points and reaching 2,830 points. Once again, the irregularities have made their appearance, with Supramaxes now trading higher (1,122 points) than their larger counterparts, the Panamaxes (1,056 points).
Meanwhile, in its latest weekly report, shipbroker Fearnley's noted on the Capesize market that "period rates have been improving steadily for some time, however over the last week rates have made some serious jumps. One year fixtures for 180k dwt are expected to be concluded in excess of USD 30k shortly, and Tubarao/Qingdao has in a relatively short period of time improved from sub USD 20 PMT to mid-20s. West Australian iron ore has been fairly unpredictable lately with earlier ships achieving a discounted freight compared to later ships, which is unusual. Now however the prompt positions are again achieving a premium with last done for such a position being USD 10.80. The expectations remain positive and the pace of the recovery in rates seems healthy".
On the Panamax front, Fearnley's said that "the Panamax market is struggling in both hemispheres. The Atlantic market has suffered for several weeks due to an overcapacity of tonnage and lack of fresh cargoes while we now see that the Pacific might be in for the same treat. Pac rounds are paying around 11k at time of writing. In the Atlantic, rounds are being fixed in region of USD 4-5k which is well below OpEx. Fronthauls are also suffering from lack of fresh iron ore and grain business, which again has caused rates to drop down to around USD 15/16k. The period market is surprisingly stable with rates hovering around USD 14k for 11/13 mos. The latter is much influenced by the strong FFA market and expectations for better days to come", the shipbroker concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 12 March 14
DRY BULK VESSELS STILL THE CREAM OF THE CROP FOR SHIP OWNERS
Dry bulk carriers have remained the most popular vessel type among ship owners as proven by the sheer number of second hand vessel sales and new ...
Tuesday, 11 March 14
HOLD HARMLESS CLAUSES ARE NOT ALWAYS MUTUAL! - ITIC
KNOWLEDGE TO ELEVATE
ITIC provides an insurance related contract review service to all of its members. As the leading professional indemnity i ...
Tuesday, 11 March 14
NEWCASTLE SHIPPED 6.98% LESS COAL WEEK ON WEEK
COALspot.com: In the week ended 10 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Tuesday, 11 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAPS CONTINUES TO FALL
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slip again thi ...
Monday, 10 March 14
API 8 CFR SOUTH CHINA COAL SWAPS LOST 4.28 PERCENT MONTH ON MONTH FOR Q2 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 4.28 percent month on month and closed at US$ 73.97 per mt as on Fr ...
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- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
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