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Wednesday, 07 April 10
DRY BULK MARKET LOOKING FOR DIRECTION
 The dry bulk market has kept a low profile during the past week, as evidenced by the small changes of a usually rather turbulent Baltic Dry Index (BDI) from late 2008 and until today. Yesterday, the industry’s index was almost stagnant, falling by a marginal 10 points at 2,981, with the panamax and supramax sectors posting small gains, while the larger capesize vessels losing some ground.
The latest weekly report from Paris-based shipbrokers Barry Rogliano Salles (BRS) said that rates came under pressure last week, with all segments posting declines except the capsizes. “Overall the BDI logged a 3% drop, despite a 5% increase in Cape rates” said the broker.
Of course, the past week’s news were all about the outcome of the iron ore negotiations, where both participating sides turning up the heat. “China’s Iron and Steel Association called on its members to impose a two-month boycott of the three major miners in protest at steep price rises. CISA said stockpiles were sufficient to keep the mills supplied for this time, although opinion was divided whether CISA’s 120 members, accounting for 90% of China’s steel output, could be persuaded to comply. Members may fear a repeat of last year, when they refused prices agreed by the Japanese only to see spot levels continue to climb.
Meanwhile Vale stated it had signed new quarterly contract deals with the vast majority of its clients, equivalent to 90% of sales volumes under contract. It is not clear how many Chinese buyers are included in this total, however. More than three-quarters of Vale’s sales to China were made on a spot basis in 2009. However the Brazilian miner did say it expected to sell 45% of its volumes to China on the spot market in the current year” said BRS.
On the capesize front, it was a stronger week, although for the most part gains were only evident on the Tubarao - China, and Richards Bay - China routes where rates jumped between 7%-13% between Monday and Thursday. Rates hardly moved in the Atlantic, where there was little fixing. Sentiment still seems relatively positive for the short term, with both period charters and forward rates above spot prices. Third quarter FFA rates are currently trading at US$32,570/day. Overall the four time charter finished at US$30,641/day on April 1 ahead of the Easter holiday. However at the resumption of business on Tuesday it fell back to US$29,919, while the BCI fell 52 points to 3,377 points.
Meanwhile, on the Panamax front and particularly in the Pacific, cargo enquiry, especially for Indonesian coal, returned again, after an almost two-week break. “Time charter levels are now above $28,000 per day for a modern Panamax delivery. At the same time, we have also seen many vessels open for prompt dates, especially older vessels without RightShip approval. Some iron ore traders are still active, especially on WCI and PG: older Panamaxes open WCI were fixing at US$28,000/day back to China for dates at the end of April, and at least US$37,000 daily for a modern Panamax open PG prompt. Some vessels open Singapore or south east Asia are still opting for ECSA grain, with modern Panamaxes pushing for over US$33,000 per day and older vessels for mid/high US$20,000s” said BRS.
As for the smaller supramax/handy vessel types, rates were declining across the board last week, with the supramax time charter average ending the week at $25,188, compared to $28,829 in the previous week. As for the handy market it stood at $19,781 versus $21,434 a week earlier. “The underlying sentiment remains firm, however, with still a fairly large amount of iron ore to move out of India, coal out of Indonesia and grains out of ECSA. This being said, open positions remain plentiful though not always exactly where they are needed. The immediate effect has been that charterers have become more picky when it comes to short period tonnage, with positioning becoming of dramatic importance” concluded BRS.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
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- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
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