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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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Friday, 04 December 09
CHINA'S COAL IMPORTS PREDICTED TO DECLINE IN 2010
China's eye-catching coal import figure s are unlikely to extend into 2010 given the predicted narrow-down of the coal price spread between the hom ...
Friday, 04 December 09
SUBHASH PROJECTS BEGINS MINING AT INDONESIAN COAL BLOCK
Kolkata-based infrastructure company Subhash Projects and Marketing (SPML) has begun mining at its coal block in Indonesia and will begin despatchin ...
Friday, 04 December 09
DRY BULK MARKET IS ON THE RISE AGAIN
Proving rather resilient, compared to previous behaviors, the dry bulk market has been on a rebound mode once again, after a two-week fall, which su ...
Friday, 04 December 09
INDONESIA'S BUMI EYES MARKETING DEAL FOR BERAU COAL
Reuters reported that, Indonesian coal miner PT Bumi Resources Tbk said on Thursday it is in talks to be the exclusive marketing agent for coal prod ...
Friday, 04 December 09
KALIMANTAN GOLD AGREES TO SELL IBP COAL CONCESSION
COALspot.com ( Press Release): Kalimantan Gold Corporation Limited ("KLG" or the "Company"), which undertook drilling and had an ...
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- Kepco SPC Power Corporation, Philippines
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- Commonwealth Bank - Australia
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- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
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- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
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- Coal and Oil Company - UAE
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- Indogreen Group - Indonesia
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- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
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- Renaissance Capital - South Africa
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- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
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- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- The University of Queensland
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
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- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
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- Edison Trading Spa - Italy
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- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
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- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Parliament of New Zealand
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- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
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- Merrill Lynch Commodities Europe
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- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
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- The State Trading Corporation of India Ltd
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- Interocean Group of Companies - India
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- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
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