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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, 10 June 10
CHARTERERS ARE NOT WILLING TO PAY THE RATES AS MARKET SLIDES
DRY BULK
Handy
Atlantic markets are quieter (Posidonia?) with less activity. Nevertheless expect some fresh enquiries f ...
Thursday, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...
Thursday, 10 June 10
PARAMOUNT MINING CORPORATION REPORTS KEY INDONESIAN JV AGREEMENT
Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...
Wednesday, 09 June 10
INDIA, CHINA TO PROP UP THERMAL COAL DEMAND - COMMODITY ONLINE
Commodity Online : Weakness in thermal coal demand in OECD will continue to be offset by growth in demand in India and China. Therefore, the s ...
Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...
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- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- The University of Queensland
- MS Steel International - UAE
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- White Energy Company Limited
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Carbofer General Trading SA - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
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