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Saturday, 17 April 10
DRY BULK MARKET EDGES HIGHER ON STRONGER DEMAND
.jpg) The dry bulk market managed to inch higher by the end of the week as brokers indicated that stronger cargo demand pushed freight rates that much higher. The Baltic Dry Index move forward to surpass the 3,000-point once again and end the week at 3,009 points. According to Weberseas’ latest weekly report “improving rates are pushing the indices upwards albeit at a steadier pace. All the market indices have finished the week positively with increases between 1-4%” said the report.
It further added that no doubt there is solid demand from China and coupled with the continued congestion around the world's main loading/discharging ports we are seeing a supply/demand imbalance. “Worldwide congestion currently stands at around 31 million deadweight. Australia and Brazil are accounting for about one third of this. At Australia's loading ports there are 5.7 million deadweight of ships waiting (half of which are panamax bulkers with 40 odd of these ships stuck in waiting). The figure is slightly less in Brazil at 4.7 mill deadweight” said Weberseas.
As the talks continue between the Chinese steel mills and the major mining producers (BHP Billiton, Rio Tinto and Vale) more and more of the Chinese importation is done via spot fixtures from other areas with India getting the lion's share. This means that supramax and panamax bulkers are benefiting and presently experiencing strong freight numbers. Panamax bulkers seem to be benefiting the most at the moment from the congestion and we are seeing the BPI standing at a 25% premium over the BCI (4,034 and 3,071 respectively). Both the supramax and panamax segments have also been assisted by the good grain trading volumes.
But brokers remained cautious, as their primary concern is the fact that rising iron ore prices could hurt demand and hit cargo activity. Iron ore prices in Asia were rising throughout the week, continuing a rally that started last month, with high grade ores at their highest since August 2008, Reuters said in a report, adding that China has been buying Indian iron ore, shipped using supramaxes, bolstering rates on the smaller vessel market.
Analysts from Commodore Research indicated in another update on Chinese commodity demand that China’s restrictions on iron ore imports have forced spot ore prices to increase sharply. Chinese iron ore fixtures have remained relatively firm this week, ore fixtures were very low yesterday and on Monday - but today they have increased. Chinese ore demand continues to remain firm, and, so far, importers are not truly heading a call to boycott Australian and Brazilian iron ore. Spot Indian iron ore prices have increased to approximately $146/ton FOB, an increase of $22 (18%) from April 5.
Omar Nokta of Dahlman Rose stated that if the quoted Vale price is accurate, the dry bulk market could see significant upside in the coming weeks, as $100 would represent a significant discount to current spot prices. "With more stability and increased visibility into iron ore pricing, the dry bulk market can begin to better reflect the stronger environment across the global industrial complex", Nokta said.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Friday, 30 September 11
MINING BILL CLEARED, FIRMS TO SHARE 26% PROFITS WITH LOCALS - NDTV
NDTV reported that, The Union Cabinet cleared the draft mining bill aimed at regulating mining activities Friday. The bill proposes a profit-sharing ...
Friday, 30 September 11
INDIAN IRON ORE MARKET GETTING ACTIVE - FEARNLEYS AS
Handy
The Atlantic market continued its strong trend with fresh cargoes entering the market. Vessels open US Gulf fixed tick above US$ 27k back to t ...
Friday, 30 September 11
KRISHNAPATNAM PORT WINS GLOBAL PORT & COAL PORT OF THE YEAR AWARDS
COALspot.com - Krishnapatnam Port, a dynamic new generation world class port located in the East Coast of India has been adjudged the winner in the ...
Thursday, 29 September 11
INDONESIA'S MINERS FACE AN UNCERTAIN FUTURE - RUPERT WALKER
An evolving regulatory framework for the country's minerals industry could threaten its profitability and stifle investment.
The five-year surge ...
Thursday, 29 September 11
DRY BULK MARKET FALLS MID-WEEK, FURTHER DROP EXPECTED NEXT WEEK ON CHINA HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, as reflected by the Baltic Dry Index (BDI) retreated by 0.36% yesterday reaching 1,920 points, with the Capesize segment suffer ...
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- Indo Tambangraya Megah - Indonesia
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- PTC India Limited - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
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- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
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- Kepco SPC Power Corporation, Philippines
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- Ministry of Transport, Egypt
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- Indian Oil Corporation Limited
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- Videocon Industries ltd - India
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- Eastern Energy - Thailand
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- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
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- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
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- Bayan Resources Tbk. - Indonesia
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- Alfred C Toepfer International GmbH - Germany
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- The University of Queensland
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- Bhoruka Overseas - Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
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- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
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- Coal and Oil Company - UAE
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- VISA Power Limited - India
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- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
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- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
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- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
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- Interocean Group of Companies - India
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- GAC Shipping (India) Pvt Ltd
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- McConnell Dowell - Australia
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- Singapore Mercantile Exchange
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- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Cement Manufacturers Association - India
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- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
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- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
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- Parliament of New Zealand
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- Tamil Nadu electricity Board
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- Independent Power Producers Association of India
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- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
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