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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, 13 April 10
CHINA COAL SEEING 'STRONG DEMAND,' PUDA COAL CFO SAYS - BUSINESS WEEK
Business Week reported that, China coal prices will increase this year as the nation’s industry expands and a drought in the southwest region ...
Tuesday, 13 April 10
PEABODY, COAL INDIA CONFIRM 'EARLY STAGE' TALKS - MINING WEEKLY
Mining Weekly reported that, US coal-miner Peabody Energy is holding discussions with Coal India, the company said on Monday, after an Australian ne ...
Tuesday, 13 April 10
ANGLO PREDICTS HIGH COAL PRICES, STEADY SUPPLY
Busrep / Reuters reported that, Coal prices were expected to remain strong this year, while exports would match last year's despite rail cons ...
Tuesday, 13 April 10
THE PANAMAX MARKET CONTINUED TO STRENGTHEN - BRS DRY BULK
Panamax rates continue to beat the market, and the Panamax 4TC is now trading at a 25% premium to the Cape 4TC — the biggest margin since the ...
Monday, 12 April 10
INDIA'S NALCO TO INVEST BIG IN INDONESIA'S ALUMINIUM PROJECT - BERNAMA
Bernama reported that, India's state- owned National Aluminium Company Ltd (Nalco) is to pump in massive investment to set up a aluminium smelter a ...
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- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
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- Georgia Ports Authority, United States
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- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
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- Neyveli Lignite Corporation Ltd, - India
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- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
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- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
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- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
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- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
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- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
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- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- PTC India Limited - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Australian Coal Association
- Rio Tinto Coal - Australia
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- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
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