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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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Thursday, 10 June 10
CHARTERERS ARE NOT WILLING TO PAY THE RATES AS MARKET SLIDES
DRY BULK
Handy
Atlantic markets are quieter (Posidonia?) with less activity. Nevertheless expect some fresh enquiries f ...
Thursday, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...
Thursday, 10 June 10
PARAMOUNT MINING CORPORATION REPORTS KEY INDONESIAN JV AGREEMENT
Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...
Wednesday, 09 June 10
INDIA, CHINA TO PROP UP THERMAL COAL DEMAND - COMMODITY ONLINE
Commodity Online : Weakness in thermal coal demand in OECD will continue to be offset by growth in demand in India and China. Therefore, the s ...
Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...
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- Rashtriya Ispat Nigam Limited - India
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- Mintek Dendrill Indonesia
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- Essar Steel Hazira Ltd - India
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- Mjunction Services Limited - India
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- Coal and Oil Company - UAE
- The University of Queensland
- VISA Power Limited - India
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- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
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- Directorate Of Revenue Intelligence - India
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- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
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- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
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- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
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- Sakthi Sugars Limited - India
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- Indonesian Coal Mining Association
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- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
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- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
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- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
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