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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 $12,000, it said.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 04 May 10
APRIL 2010 COAL PRICE REFERENCE WAS US$ 86.58/T FOB VESSEL
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has publishing a monthly coal price reference (HBA) to be used by ...
Tuesday, 04 May 10
DRY BULK MARKET SOFTENING AGAIN ON LACK OF DIRECTION
The dry bulk market has put on the brakes once again, after the last session of the Baltic Dry Index ended at 3,354 points, down 5 from the previous ...
Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday ...
Saturday, 01 May 10
THE PERIOD ACTIVITY WAS QUITE FIRM DURING THE WEEK - CAPT. REDDY
COALspot.com: The BDI was up by 11.32 pct which was mainly due to the firmness in capsize index which was up by 21.55 pct .
The other sectors Pan ...
Saturday, 01 May 10
EXPANDED SA COAL TERMINAL TO START OPERATIONS ON MAY 1 - MINING WEEKLY
Mining Weekly reported that, In line with expectations, the Richards Bay Coal Terminal (RBCT) had completed the R1,2-billion Phase V expansion ...
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- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- The University of Queensland
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
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