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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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Friday, 16 April 10
RBCT COAL DISPUTE RESOLVED - MININGMX
Miningmx reported that, the long-simmering spat over the coal allocation for producers who will use the expanded facilities at Richards Bay Coal Ter ...
Friday, 16 April 10
COAL INDIA SELECTS MERCHANT BANKERS TO ACQUIRE OVERSEAS ASSETS -THE HINDU
An investment of about $1.8 billion is expected to be made in these deals
The Hindu reported that, Bank of America-Merill Lynch, Royal Bank of Sc ...
Thursday, 15 April 10
MAJOR THERMAL COAL CONTRACT AT 40% HIGHER PRICE THAN LAST YEAR - BUSINESS STANDARD
Business-Standard reported that, India is expected to import nearly 60 million tonnes of thermal coal this year.
After coking coal and iron ...
Thursday, 15 April 10
RICHARDS BAY ROUNDS BACK TO INDIA SUPRAS WERE FIXED AT MID 20'S
Handy
The BSI remains in a positive momentum and the Atlantic remains unchanged from last week. Fronthaul grain is active which is keeping ballast ...
Thursday, 15 April 10
DRY BULK MARKET SLOWLY GAINING GROUND
The troubled and underperforming capesize sector of the dry bulk market has been experiencing an improved sentiment since Tuesday, a trend verified ...
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- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
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- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
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- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
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- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
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- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- PTC India Limited - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- McConnell Dowell - Australia
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
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- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
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