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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, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
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- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
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