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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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Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
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- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
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