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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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Sunday, 06 March 11
THE S6 ROUTE MAY CONTINUE TO BE FIRM - VISTAAR
COALspot.com - The freight market was firm this week with all indices up. The BDI , Cape Index and Panamax index was up by almost 9 pct where as Sup ...
Friday, 04 March 11
IRON ORE FROM INDIA HAS BEEN QUIET
Handy
Activity has been gradually rising in the Atlantic but it is mostly confined to the USG market. Short period basis redelivery Atlantic has b ...
Thursday, 03 March 11
TNPL INDIA LOOKING FOR 160,000 MT OF NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint and Papers Ltd. is seeking to import 160,000 plus minus 5 percent metric tons of non-coking coal with Gross Calo ...
Wednesday, 02 March 11
MIXED FORTUNES FOR DRY BULK OWNERS THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although the dry bulk market has been on the positive side this week, things still look quite uncertain in the near term, with most owners puzzled a ...
Wednesday, 02 March 11
INDIA, 2ND LARGEST IMPORTER OF INDONESIAN COAL IN 2010
COALspot.com: Indonesia, the world largest coal exporter, shipped 24.68 million tons of coal in January 2011, which was 1.19 percent higher Y-o- ...
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- Merrill Lynch Commodities Europe
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- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
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- Vizag Seaport Private Limited - India
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- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
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- Toyota Tsusho Corporation, Japan
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- Coal and Oil Company - UAE
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- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
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- Jaiprakash Power Ventures ltd
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- MS Steel International - UAE
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- Miang Besar Coal Terminal - Indonesia
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- Star Paper Mills Limited - India
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- Eastern Coal Council - USA
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- India Bulls Power Limited - India
- Economic Council, Georgia
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- Trasteel International SA, Italy
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- Australian Coal Association
- Planning Commission, India
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- Rio Tinto Coal - Australia
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- Global Business Power Corporation, Philippines
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- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
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- The Treasury - Australian Government
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- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
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- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
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- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
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- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
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- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
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- Renaissance Capital - South Africa
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- Tata Chemicals Ltd - India
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- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
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- Energy Link Ltd, New Zealand
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- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
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- The University of Queensland
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- Chamber of Mines of South Africa
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- Parliament of New Zealand
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