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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, 01 April 10
PROFIT AT TWO INDONESIAN COAL MINERS SOARS AS RECOVERY STIRS GREATER DEMAND, HIGHER PRICES - THE JAKARTA GLOBE
The Jakarta Globe reported that, Two of the country’s biggest coal producers enjoyed a surge in profit last year as prices rose and demand pic ...
Thursday, 01 April 10
BHP BILLITON TO SELL STAKE IN MARUWAI TO ADARO - THE JAKARTA POST
The Jakarta Posted reported that, BHP Billiton has agreed to sell 25 percent of its stake in the Maruwai Coal Project in Kalimantan to Indonesia&rsq ...
Thursday, 01 April 10
AUSTRALIAN COAL PRODUCER REJECTS $3 BILLION PEABODY OFFER - STL TODAY
STL today reported that, Australian coal producer Macarthur Coal Ltd. rejected a $3 billion cash takeover bid from Peabody Energy Corp., which seeks ...
Thursday, 01 April 10
TATA POWER EYES MORE COAL FROM INDONESIA FOR ITS FUTURE PLANTS - FINANCIAL EXPRESS
Financial Expressreported that, Tata Power, one of the largest private sector power utilities in the country with interests in generation, transmiss ...
Wednesday, 31 March 10
COAL INDIA MULLS JOINT VENTURE WITH RIO TINTO AND PEABODY - DNA
DNA reported that, Coal India Ltd. (CIL) has finalised two key contenders for its international joint venture (JV) in Australian and US each. The co ...
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- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Planning Commission, India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
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