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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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Wednesday, 21 September 11
2ND ANNUAL SHALE GAS SUMMIT
2nd Annual Shale Gas Summit 31 October – 3 November 2011 JW Marriott Hotel, Hong Kong
According to a recent EI ...
Tuesday, 20 September 11
MTD INAUGURATES ITS COAL TERMINAL IN JAVA ISLAND
Press Release – MTD Group of Malaysia, one of prominent key players in the development of infrastructure in Malaysia, today inaugurated their ...
Tuesday, 20 September 11
DRY BULK MARKET LOSING ITS EDGE, RETREATING AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a surge during the past couple of weeks, which saw Capesize earnings boosted and the BDI (Baltic Dry Index) reaching levels of year high and c ...
Monday, 19 September 11
CHINA IMPORTS MORE THAN 10 MMT INDO COAL IN AUGUST 2011
COALspot.com - Indonesian coal exports dropped 1.642 million tons in August compared to July exports. Indonesia exports 29.662 million tons of coal ...
Monday, 19 September 11
INDOMOBIL ENTERING INTO COAL MINING BUSINESS
COALspot.Com- PT Indomobil Sukses Internasional Tbk, part of, one of Indonesia's largest conglomerates, to enter into mining industry ac ...
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- Carbofer General Trading SA - India
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- VISA Power Limited - India
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- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
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- The Treasury - Australian Government
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- Price Waterhouse Coopers - Russia
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- Eastern Energy - Thailand
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- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
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- Georgia Ports Authority, United States
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- Therma Luzon, Inc, Philippines
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- Billiton Holdings Pty Ltd - Australia
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- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
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- Directorate General of MIneral and Coal - Indonesia
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- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Planning Commission, India
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- Kumho Petrochemical, South Korea
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- San Jose City I Power Corp, Philippines
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- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
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- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
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- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
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- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
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- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
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- Medco Energi Mining Internasional
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- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
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- Singapore Mercantile Exchange
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- CIMB Investment Bank - Malaysia
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