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Monday, 08 March 10
CHINA SHIPPING TO CARRY MORE COAL FOR SHENHUA
 Hellenic Shipping News reported that, China Shipping (Group) Company will expect to ship 40 million tons of coal for Shenhua Group in 2010, Li Shaode, the company's president said yesterday. "We will intensify our cooperation with Shenhua Group to improve the freight capacity for coal", Li, who is also a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), told China Daily on the sidelines of the ongoing conference.
"The first two months have already seen seven million tons of coal shipped," he said, "and we estimate that it will rise to 40 million tons for the whole year."
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“2010 coal demand is likely to rise by 4 to 6 percent over last year to some 3.36 bln tons, and production will increase by nearly 300 mln tons” - National Coal Association, China
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As the second largest sea-cargo group in China, China Shipping (Group) Company transported less than 10 million tons of coal for Shenhua Group in 2009, while Shenhua Group, China's largest coal producer, had 159 million tons of its coal shipped in total that year.
According to data from the National Coal Association, 2010 coal demand is likely to rise by 4 to 6 percent over last year to some 3.36 billion tons, and production will increase by nearly 300 million tons.
Efforts to Improve Freight Capacity
However, Li also expressed his concern about the slow recovery of the global economy and its effect on China's exports, and said the company will not adjust its container business this year. Instead, it will concentrate its efforts on improving the freight capacity of oil tankers and bulk carriers.
The shipping capacity of oil tankers will rise by 30 percent to 7 to 7.5 million tons in 2010, and that of bulk carriers will increase by 15 percent to 30 percent to 8 to 8 million tons, he said. Data show that the freight capacity of the company's bulk carriers rose by 10% in 2009 over the previous year.
"By the end of this year, 12 oil tankers each with a carrying capacity of 3 million tons will be put into operation," he said.
The company has also ordered 16 VLOCs (Very Large Ore Carriers), half with a freight capacity of 230,000 tons and half 3 million tons. "Four of the 230,000 ton-capacity VLOCs will be put into use this year," Li added.
No Major M&A Investment in 2010
When asked about the company's overseas merger and acquisition plans for 2010, Li Shaode replied that although there are ample opportunities, right now is not the best time for major investments. "We will have to wait till the next year, when we will pour our money into port construction and logistics," he said.
However, Li did reveal that talks on liquefied natural gas (LNG) transportation between the company and China's two oil giants, China National Petroleum Corporation (CNPC) and China Petroleum and Chemical Corporation (Sinopec), will yield an agreement soon.
As for the global shipping market in 2010, Li said he expects the cargo rates to "rise in the first few months and drop in the last few months," as indicated by the current supply and demand. "So we will try to attract as many as customers as possible in the first half of the year," he said.
Latest Agreements
China Shipping Development, a listed subsidiary of China Shipping (Group) Company, concluded a strategic cooperation agreement with China Datang Corporation (CDT) while China Shipping Container Lines, another listed subsidiary signed a strategic cooperation agreement with China Grain Reserves Corporation (Sinograin) a day later.
Source: China Daily / Hellenic Shipping News
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Tuesday, 23 February 10
UAE COMPANY TO ACQUIRE CONTROL OF ALLBOND MAKMUR
The Jakarta globe reported that, Renuka Energy Resources Holding, based in the United Arab Emirates, has signed an agreement to acquire 80 percent o ...
Tuesday, 23 February 10
CIL SHORTLISTS 24 FOREIGN COS FOR JV
India's Economic Times reported that, Coal India has shortlisted 24 foreign firms — six each from the US, Australia, South Africa and Indones ...
Saturday, 20 February 10
THE FREIGHT MARKET CONTINUED TO BE SOFT THIS WEEK - CAPT. REDDY
COALspot.com: The freight market continued to be soft this week as still affect of Chinese new year holidays continue. However the index overall had ...
Friday, 19 February 10
MAKING THE JOINT COOPERATION OF PRIVATE GOVERNMENT IN INDONESIA
COALspot.com - Press Release
1. Revision of the presidential decree 67/2005 has been signed by the President on January 28, 2010 with the public ...
Thursday, 18 February 10
THE INDIAN MARKET IS FIRMING A BIT, DUE TO LACK OF TONNAGE IN THE REGION
HANDY
The BSI still decline as holidays around the world have reduced trading.
...
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Showing 5976 to 5980 news of total 6871 |
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- Binh Thuan Hamico - Vietnam
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- Metalloyd Limited - United Kingdom
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