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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, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
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- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
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