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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, 03 June 10
INDO GOVERNMENT TRIES TO CALM BUSINESSES FEARS OVER FOREST - CLEARING MORATORIUM
The Jakarta Globe reported that, as producers of coal and palm oil continued to howl, the government on Tuesday offered reassurances that the develo ...
Thursday, 03 June 10
GOVT CONSIDERING IMPORT PARITY PRICE FOR DOMESTIC COAL
The government on June 1 said it is considering to price domestic coal on par with global rates, a move which may increase the cost of the raw mater ...
Wednesday, 02 June 10
SRI LANKA TESTS 1ST COAL POWER PLANT IN SEPT.
Sri Lanka will start testing its first 300 MegaWatt coal power plant in September with plans to connect it to the national distribution grid by Janu ...
Wednesday, 02 June 10
CHINA'S IRON ORE IMPORTS TO KEEP BEING THE BIGGEST FACTOR FOR DRY BULK FREIGHT RATES SAY READERS
With dry bulk freight rates staging a positive rally during most of May, the industry’s main benchmark, the Baltic Dry Index (BDI) has managed ...
Wednesday, 02 June 10
KIDECO TO PRODUCE 29.5 MILLION TONS OF COAL IN 2010
COALspot.com: Kideco to produce 29.5 million tons of coal in 2010 up 4.8 million or about 19 percent up from 2009 production. Kideco produced 24.7 m ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
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- Chamber of Mines of South Africa
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- Barasentosa Lestari - Indonesia
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- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
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- European Bulk Services B.V. - Netherlands
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- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
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- Electricity Authority, New Zealand
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- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
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- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
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- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
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- Petron Corporation, Philippines
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
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- Baramulti Group, Indonesia
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
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- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
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- Ministry of Transport, Egypt
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- Energy Development Corp, Philippines
- White Energy Company Limited
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
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- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
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- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
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- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Economic Council, Georgia
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- Renaissance Capital - South Africa
- Parliament of New Zealand
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- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
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- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
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- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
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- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Siam City Cement - Thailand
- Australian Coal Association
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- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
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