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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 $100 would represent a significant discount to current spot prices. "With more stability and increased visibility into iron ore pricing, the dry bulk market can begin to better reflect the stronger environment across the global industrial complex", Nokta said.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Monday, 19 April 10
PLN TO OPERATE COAL MINES IN BID TO FUEL POWER PLANTS
The Jakarta Globe reported that, state electricity utility PT Perusahaan Listrik Negara said on Sunday that it aimed to take over operation of small ...
Sunday, 18 April 10
GOVT FORMS PANEL FOR RS 12,000-CR (US$ 2.711 BILLION) COAL INDIA IPO - ECONOMIC TIMES
Economic Times reported that, the government has formed an inter-ministerial panel to carry forward the proposed Rs 12,000-crore (US$ 2.711 billion) ...
Sunday, 18 April 10
THE FUTURES FOR THREE YEARS (2010-2012) FOR PANAMAX WAS AT AROUND US$ 21500 PER DAY - VISTAAR
COALspot.com: The BDI indices up by 3.30 pct and overall market continued to be firm except for India to Fareast.
“The cape index for the f ...
Saturday, 17 April 10
DRY BULK SHIPPING MARKET ANALYSIS - BIMCO
Strong Chinese steel market is set to cushion the flood of new Capesize vessels entering the dry bulk fleet Demand: The first quarter of 2010 saw up ...
Friday, 16 April 10
KRISHNAPATNAM PORT IS IRONING ITS WAY INTO RECORD BOOKS
COALspot.com: Krishnapatnam Port achieved a new benchmark by loading 60,021 MT of Iron Ore fines in just 24 hrs surpassing its previous record of 54 ...
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- Indo Tambangraya Megah - Indonesia
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- Salva Resources Pvt Ltd - India
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- Thiess Contractors Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
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- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
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- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
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- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
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- Toyota Tsusho Corporation, Japan
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
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- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
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- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
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- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
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- Georgia Ports Authority, United States
- CNBM International Corporation - China
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- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
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- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
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- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
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