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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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Tuesday, 04 March 14
HIGHER PRICES AND STEADY FREIGHT RATES LEAD SHIP OWNERS TO TEMPORARILY HALT SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market has kept on improving, but at a very slow rate, ship owners have elected to take a step back from the flurry of the S&P m ...
Monday, 03 March 14
SUB-BIT INDONESIA COAL SWAP (FOB) FOR AVERAGE Q115 CLOSED AT $60.28, $ 1.70 HIGHER THAN 2Q14
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slightly corrected do ...
Monday, 03 March 14
API 8 CFR SOUTH CHINA SWAPS: Q4' 2014 DELIVERY CLOSED US$ 1.40 HIGHER COMPARED TO Q2' 2014 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.90 percent month on month and closed at US$ 76.27 per mt as on Fr ...
Monday, 03 March 14
COSTS LIABILITY PASSING DOWN A CHARTERPARTY CHAIN - SKULD
KNOWLEDGE TO ELEVATE
Provided that charterparties are on back to back terms, and the claim is successful, liability for costs incurred shoul ...
Sunday, 02 March 14
THE FREIGHT MARKET WAS STEADY TO FIRM THIS PAST WEEK - CAPT. REDDY
COALspot.com: The freight market was steady to firm this past week. The BDI was up 7.06 pct and closed at 1258 points and the cape index was also fi ...
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- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- The Treasury - Australian Government
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- The University of Queensland
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
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