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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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Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
Friday, 16 July 10
CHINA EXPORTS 10.14 MILLION TONNES OF COAL IN H1 OF 2010
China exported 10.14 million tonnes of coal in the first half of this year, down 13.1% compared with the corresponding period of last year, accordin ...
Thursday, 15 July 10
SMC TO PURSUE MINDANAO COAL MINING PROJECTS
Philippine Daily Inquirer reported that, DIVERSIFYING CONGLOMERATE San Miguel Corp. is inclined to pursue its coal mining projects in Mindanao ...
Thursday, 15 July 10
ADANI ENTERPRISES WILL BUY $1 BILLION COAL MINE FROM LINC ENERGY - TOP NEWS
Top News reported that, Adani Enterprises has almost managed to obtain a coal mine from Linc Energy for $1 billion in Queensland, Australia. This mi ...
Thursday, 15 July 10
ADANI TO DEVELOP COAL EXPORT TERMINAL IN AUSTRALIA - BUSINESS STANDARD
Business-Standard reported that, The Adani Group, promoter of Mundra Port and Special Economic Zone (MPSEZ), today said it has been selected as the ...
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- International Coal Ventures Pvt Ltd - India
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- European Bulk Services B.V. - Netherlands
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- New Zealand Coal & Carbon
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- Posco Energy - South Korea
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- Indian Energy Exchange, India
- Bangladesh Power Developement Board
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- Wood Mackenzie - Singapore
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- India Bulls Power Limited - India
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- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
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- VISA Power Limited - India
- Australian Coal Association
- Economic Council, Georgia
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- Electricity Authority, New Zealand
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- White Energy Company Limited
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- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
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- TNB Fuel Sdn Bhd - Malaysia
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- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
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- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
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- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
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- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
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- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
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- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
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