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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 $100 would represent a significant discount to current spot prices. "With more stability and increased visibility into iron ore pricing, the dry bulk market can begin to better reflect the stronger environment across the global industrial complex", Nokta said.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
Wednesday, 21 July 10
FEWER SHIPS SOLD FOR SCRAP IN JUNE, ADDING PRESSURE TO FREIGHT RATES
The easing of vessel tonnage supply should be among the main concerns among ship owners, especially those active in dry bulk shipping. The reason is ...
Wednesday, 21 July 10
BUKIT ASAM SEALS RP900 BIO COAL DEAL
Souce: Insider Stories
Insider Stories reported that, State-Owned coal producer PT Tambang Batubara Bukit Asam Tbk (PTBA) have agreed t ...
Wednesday, 21 July 10
TUAH TURANGGA BUYS ABP US$ 15.9 MIO
Source: Insider Stories
Insider Stories reported that, Komatsu heavy equipment PT United Tractors Tbk (UNTR) through its wh ...
Tuesday, 20 July 10
CHINA'S RELIANCE ON COAL TO DROP 7% BY 2015 - XINHUA NET
Xinhua Net reported that, China's coal consumption is likely to drop to 63 percent of total energy consumption by 2015, down from 70 percent last y ...
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- Uttam Galva Steels Limited - India
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- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
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- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
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- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
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- Georgia Ports Authority, United States
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- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
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- Central Electricity Authority - India
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- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Parliament of New Zealand
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- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
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- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
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- Bhushan Steel Limited - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
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- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
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- Romanian Commodities Exchange
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- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Pipit Mutiara Jaya. PT, Indonesia
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- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
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- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
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- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
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- Australian Commodity Traders Exchange
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- LBH Netherlands Bv - Netherlands
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