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Wednesday, 28 April 10
DRY BULK MARKET
 After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Index (BDI) rose yesterday by more than 6% on a daily basis to 3,203 points, with analysts unanimous that stronger iron ore demand from China was the key reason. The BDI now stands at its highest level in more than one month, while reports said yesterday that smaller Chinese steel mills began buying iron ore at quarterly prices agreed by Japan and South Korea, in a move that effectively ends the old benchmark system.
In its weekly report, shipbroker BRS (Barry Rogliano Salles) said that South Africa’s Richards Bay terminal confirmed a sharp rise in Asian exports, which rose to 42% of total shipments in the first quarter of this year, up from 25% a year earlier – due mainly to Chinese and Indian demand.
In Europe, Thyssenkrupp became the first European buyer to confirm it had agreed an iron ore price on a quarterly basis. In line with the Japanese contracts, it also reported a 100% price increase, back-dated to April 1. Commenting on the capesize market prospects, BRS said that the market will continue to watch what impact the new, higher commodity prices will have on demand.
According to brokers quoted by Reuters, high congestion at Brazilian ports had also helped drive rates higher, especially for the larger capesize ships. They added that freight derivatives contract buying had added to the positive momentum. Andrew Dawson, a broker with Freight Investor Services was quoted by the agency saying that "it seems to be a combination of a lack of vessels in the Atlantic and also increased demand from the Chinese. It's iron ore that has driven this push." As a result, capesize vessels, typically the main haulers of iron ore were the principal gainers from yesterday’s upward push in the market. Average earnings rose to $35,109, according to the Baltic Exchange.
In a separate report, JP Morgan Chase & Co. raised its previous estimates on global demand for dry bulk commodities, saying that it will expand by 6 percent in 2010, versus its previous forecast of 3.7 percent. On a similar note, JP Morgan said that it expects iron ore trade growth to reach 11.2%, from an earlier prediction of 5.7%, while coal demand will expand by 5.7%, up from the previous estimate of 3.8%. In other words, the investment bank almost doubled its estimates on global dry bulk trade growth, in what could be translated as a pretty strong sign of the industry’s ability to leap out from the crisis and also face with very increased chances the issue of tonnage oversupply.
On that matter, JP Morgan commented that the increased trade will coincide with half the ships that are scheduled to be built this year being delayed or cancelled, as yards in Asia fail to deliver a record order book on time. “We do not believe that it is even physically possible for the shipyards to meet this robust schedule, with or without financing concerns,” said the report, quoted by Bloomberg.
JPMorgan increased its forecasts for what ships will earn as a result by as much as 33 percent. Panamax ships, the largest to sail through the Panama Canal, will average $21,200 a day this year, up from a previous forecast of $16,000, JPMorgan said. Rates for capesizes, were revised up 3.1 percent to $33,000 a day; supramaxes were increased 22 percent to $17,100 a day, and handymaxes will make $14,700, compared with a prior estimate of $12,000, it said.
Source: Nikos Roussanoglou, Hellenic Shipping
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Monday, 13 December 10
ICE FUTURES EUROPE TO LAUNCH IHS MCCLOSKEY INDONESIAN SUB-BITUMINOUS FOB MARKER COAL CONTRACTS - MONDOVISIONE
Mondovisione reported that, IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over ...
Monday, 13 December 10
NALCO TO START WORK ON RS 18K CR ($ 4,010,695,091) INDONESIAN PROJECT BY JUNE - MSN
MSN reported that, State-owned NALCO today said it has selected UAE-based RAK Minerals as JV partner for its Rs 18,000 crore (US$ 4,010,695,091 ...
Monday, 13 December 10
DEUTSCHE BANK RAISES COAL FORECASTS ON MARKET SHORTAGE - BLOOMBERG
Deutsche Bank AG raised price forecasts for thermal coal by as much as 17 percent on expectations that a shortage of the fuel will widen over the ne ...
Monday, 13 December 10
K SERA SERA TO SPEND RS325CR TO BUY COAL,OIL & GAS FIRMS STAKE - LIVE MINT
The company might have to dole out around Rs 225 crore (US$ 50,122,522) for picking up the majority stake in the coal mine in Indonesia and around R ...
Thursday, 09 December 10
OVERSUPPLY OF SHIPS BOUND TO KEEP DRY BULK FREIGHT RATES SUBDUED DURING 2011 SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
An oversupply of vessels is expected to keep freight rates from flying as high as in recent years said a relative shipping report from BIMCO’s ...
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- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
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