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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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Monday, 05 April 10
RI TO SET REFERENCE FOR COMMODITIES - THE JAKARTA POST
The Jakarta Post reported that, Indonesia is set to help establish global reference prices for mining and agricultural commodities, with the establi ...
Monday, 05 April 10
MARCO POLO MARINE SECURES US$20 MILLION 4-YEAR COAL TRANSSHIPMENT CONTRACT
COALspot.com: Accordign to Mraco Polo Marine website, Singapore Exchange Mainboard-listed Marco Polo Marine Ltd, a growing integrated marine logisti ...
Saturday, 03 April 10
SHIPS OPENING FAREAST CONTINUE TO BE STRUGGLING FOR CARGOES - VISTAAR
COALspot.com: The dry bulk freight market continues to be under pressure and all the indices were down this week except for Cape size index which wa ...
Friday, 02 April 10
XSTRATA RAISES BENCHMARK COAL PRICE AS MUCH AS 40% - BLOOMBERG
Bloomberg reported that, Xstrata Plc, the world’s largest exporter of coal used for power, raised benchmark prices for the fuel to an unidenti ...
Thursday, 01 April 10
OWNERS WERE STILL BULLISH ON SHORT PERIOD NUMBERS, BUT CHARTERERS IN GENERAL WERE NOT READY TO PAY - BRS
SUPRA / HANDY
After several weeks of a rising market, the BSI lost 9% last week to close on Friday at US$ 27,677 per day for the TC routes. ...
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- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- London Commodity Brokers - England
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
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