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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, 29 April 10
SOUTH AFRICAN ROUNDS BACK TO INDIA SUPRAS CAN ACHIEVE AROUND MID 20S
Handy
Atlantic markets remain firm. Supramaxes open in USG are now achieving low/mid&n ...
Thursday, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
Tuesday, 27 April 10
S.KOREA EWP SEEKS 0.520 MILLION TONS OF SUB-BITUMINOUS COAL
COALspot.com: South Korea East West Power Company has called for term bids for supply of Sub-bituminous Coal for Dangjin Thermal Power Pla ...
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- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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