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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, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
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- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
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- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
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- Power Finance Corporation Ltd., India
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- Mintek Dendrill Indonesia
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- Australian Coal Association
- The Treasury - Australian Government
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- Indian Oil Corporation Limited
- Economic Council, Georgia
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- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
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- Tata Chemicals Ltd - India
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- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
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- CIMB Investment Bank - Malaysia
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- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
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- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
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- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
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- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
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- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
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- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
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- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
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- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
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- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
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- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
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- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Planning Commission, India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
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- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
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- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
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