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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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Wednesday, 31 March 10
DRY BULK MARKET STILL MODERATELY FALLING, BUT POSITIVE SIGNS APPEAR ON THE HORIZON - HELLENIC SHIPPING
The irregularities of the current dry bulk market have been more than evident in the fact that panamax vessels today earn more than their larger cap ...
Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE
The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intang ...
Wednesday, 31 March 10
ITMG TO UP COAL OUTPUT DESPITE PERMIT PROBLEMS - THE JAKARTA POST
The Jakarta Post reported that, the country’s third largest coal producer PT Indo Tambang Raya Megah (ITMG) said it can raise output although ...
Tuesday, 30 March 10
ANALYST SEES BDI LIFT, SUGGESTS DRY BULK SHORT SQUEEZE
Analysts at Credit Suisse are bullish on Diana and see a potential short squeeze elsewhere in the sector. The Baltic Dry Index (BDI) -- an industry ...
Tuesday, 30 March 10
CHINA'S DROUGHT RAISES COAL PRICES, LOWERS HYDROPOWER
Bloomberg reported that, Benchmark coal prices at Qinhuangdao, China’s largest port handling the fuel, rose for the first time in 10 weeks aft ...
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- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
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