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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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Thursday, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
Wednesday, 23 June 10
WILHELMSEN SHIPS SERVICE OPENS NEW OFFICE IN KRISHNAPATNAM PORT INDIA
Wilhelmsen Ships Service has opened a branch office in Krishnapatnam port on the east coast of India according to statement released by company ...
Wednesday, 23 June 10
PTC'S INDONESIAN COAL-MINING FORAY-I: TO INVEST USD 69 MILLION VIA OVERSEAS SPV
Moving ahead with its plans to acquire coal assets abroad, the power trading major, PTC India Limited, has decided to invest a total of USD 69 milli ...
Tuesday, 22 June 10
INDIA HAS REPORTED MORE COAL IMPORTS FROM COLOMBIA
A second consecutive week of sharp corrections for the dry bulk market, although some of the softness could be attributed to Chinese holidays at the ...
Monday, 21 June 10
THE SUPRAMAX INDEX IN THE FAR-EAST (S6 ROUTE) WAS DOWN BY $ 1300 PER DAY - VISTAAR
COALspot.com: The market continued to soften in all sectors last week also with the BDI dropping by 18.07 pct and Cape index by 26.71 pct.
The BD ...
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- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Australian Coal Association
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
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