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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, 13 May 10
CHINA CONCERNS TO TEST RAW MINERALS - THE AUSTRALIAN
The Australian reported that, COMMODITY prices will remain volatile and drop from recent highs as China's appetite for raw materials softens. James ...
Thursday, 13 May 10
ACTIVITY ON WEST COAST INDIA IS SLOWING - FEARNLEYS AS
DRY BULK CHARTERING
Handy
Atlantic markets remain firm but more for end May/beg June dates as there seems to be more enquiries for those dates. ...
Thursday, 13 May 10
DRY BULK SHIP OWNERS CHEERFUL AMID MARKET RALLY
China’s appetite for raw materials like iron ore and coal, as well as a series of added factors are boosting demand for dry bulk carriers, hel ...
Wednesday, 12 May 10
BANPU'S Q1 PROFIT SLIDES 43% TO B2.71BN - BANGKOK POST
The Bangkokpost reported that, Banpu Plc posted a first-quarter net profit of 2.71 billion baht, down by 43% from the same period last year.
The ...
Tuesday, 11 May 10
DALRYMPLE BAY COAL EXPORTS HIGHEST SINCE JULY; NEWCASTLE FALLS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Dalrymple Bay terminal in Queensland state rose to the highest in nine months in Apri ...
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- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
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- Economic Council, Georgia
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- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
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- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
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- Power Finance Corporation Ltd., India
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- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Larsen & Toubro Limited - India
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- Australian Coal Association
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- Posco Energy - South Korea
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- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
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- Merrill Lynch Commodities Europe
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- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
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- Parliament of New Zealand
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
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- Intertek Mineral Services - Indonesia
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- Cigading International Bulk Terminal - Indonesia
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- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
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- SMC Global Power, Philippines
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- Siam City Cement PLC, Thailand
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- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
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- Mercator Lines Limited - India
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- Bhatia International Limited - India
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- Tata Chemicals Ltd - India
- The University of Queensland
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- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
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- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
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- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
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- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
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- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
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- Eastern Energy - Thailand
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- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
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- Renaissance Capital - South Africa
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- Indian Energy Exchange, India
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