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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, 16 February 10
KPMG PENS 6-POINT STRATEGY FOR COAL INDIA RESTRUCTURING
Coal India Ltd (CIL) has appointed KPMG Advisory Services Pvt Ltd to advise on consolidating its position as the country’s prime energy provid ...
Monday, 15 February 10
MINING LAW TO BE REVISED
Law No. 4 of 2009 on mineral and coal mining will be revised after a working visit of the Bangka Belitung (Babel) Provincial legislative assembly (D ...
Monday, 15 February 10
EURO COAL PRICES SOFTEN AS CHINESE LUNAR NEW YEAR HOLIDAYS START
Prices of prompt cargoes of coal for delivery into Europe weakened last week on a lack of European demand and market nerves over the possible impact ...
Monday, 15 February 10
INDONESIAN COAL SUFFERS SETBACK AS SUMATRA RAIL LINE HELD UP AGAIN
State-owned coal miner PT Tambang Batubara Bukit Asam’s $1.06 billion rail project in Sumatra faces more delays, and the cost of the project i ...
Monday, 15 February 10
MEC INFRA TO COMMISSION INDONESIA RAIL PROJECT
A joint venture between Ras Al Khaimah Investment Authority (Rakia) RAK Investment Authority and Minerals Energy and Commodities Holdings, a f ...
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- Kumho Petrochemical, South Korea
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- Bulk Trading Sa - Switzerland
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- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
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- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
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- TNB Fuel Sdn Bhd - Malaysia
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- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
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- The Treasury - Australian Government
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- SMG Consultants - Indonesia
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- Economic Council, Georgia
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- Bangladesh Power Developement Board
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- Power Finance Corporation Ltd., India
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- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
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- Global Green Power PLC Corporation, Philippines
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- Chamber of Mines of South Africa
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- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Australian Coal Association
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- San Jose City I Power Corp, Philippines
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- Independent Power Producers Association of India
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- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
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- Attock Cement Pakistan Limited
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- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Ministry of Mines - Canada
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- Parliament of New Zealand
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- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
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- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
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- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
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- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
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- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
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