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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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Tuesday, 23 February 10
UAE COMPANY TO ACQUIRE CONTROL OF ALLBOND MAKMUR
The Jakarta globe reported that, Renuka Energy Resources Holding, based in the United Arab Emirates, has signed an agreement to acquire 80 percent o ...
Tuesday, 23 February 10
CIL SHORTLISTS 24 FOREIGN COS FOR JV
India's Economic Times reported that, Coal India has shortlisted 24 foreign firms — six each from the US, Australia, South Africa and Indones ...
Saturday, 20 February 10
THE FREIGHT MARKET CONTINUED TO BE SOFT THIS WEEK - CAPT. REDDY
COALspot.com: The freight market continued to be soft this week as still affect of Chinese new year holidays continue. However the index overall had ...
Friday, 19 February 10
MAKING THE JOINT COOPERATION OF PRIVATE GOVERNMENT IN INDONESIA
COALspot.com - Press Release
1. Revision of the presidential decree 67/2005 has been signed by the President on January 28, 2010 with the public ...
Thursday, 18 February 10
THE INDIAN MARKET IS FIRMING A BIT, DUE TO LACK OF TONNAGE IN THE REGION
HANDY
The BSI still decline as holidays around the world have reduced trading.
...
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- ASAPP Information Group - India
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- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
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- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
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- Bhoruka Overseas - Indonesia
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- Sical Logistics Limited - India
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- The University of Queensland
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- Energy Development Corp, Philippines
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- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Central Java Power - Indonesia
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- Globalindo Alam Lestari - Indonesia
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- Minerals Council of Australia
- Ministry of Transport, Egypt
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- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
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- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
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- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
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- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
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- Therma Luzon, Inc, Philippines
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- Gujarat Electricity Regulatory Commission - India
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- Electricity Authority, New Zealand
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- Global Green Power PLC Corporation, Philippines
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- Sakthi Sugars Limited - India
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- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
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- Intertek Mineral Services - Indonesia
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- Planning Commission, India
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- Chamber of Mines of South Africa
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- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
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- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Wilmar Investment Holdings
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- Madhucon Powers Ltd - India
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- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
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- Alfred C Toepfer International GmbH - Germany
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- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
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- Coal and Oil Company - UAE
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- Economic Council, Georgia
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- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
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- Toyota Tsusho Corporation, Japan
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