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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, 16 February 10
KPMG PENS 6-POINT STRATEGY FOR COAL INDIA RESTRUCTURING
Coal India Ltd (CIL) has appointed KPMG Advisory Services Pvt Ltd to advise on consolidating its position as the country’s prime energy provid ...
Monday, 15 February 10
MINING LAW TO BE REVISED
Law No. 4 of 2009 on mineral and coal mining will be revised after a working visit of the Bangka Belitung (Babel) Provincial legislative assembly (D ...
Monday, 15 February 10
EURO COAL PRICES SOFTEN AS CHINESE LUNAR NEW YEAR HOLIDAYS START
Prices of prompt cargoes of coal for delivery into Europe weakened last week on a lack of European demand and market nerves over the possible impact ...
Monday, 15 February 10
INDONESIAN COAL SUFFERS SETBACK AS SUMATRA RAIL LINE HELD UP AGAIN
State-owned coal miner PT Tambang Batubara Bukit Asam’s $1.06 billion rail project in Sumatra faces more delays, and the cost of the project i ...
Monday, 15 February 10
MEC INFRA TO COMMISSION INDONESIA RAIL PROJECT
A joint venture between Ras Al Khaimah Investment Authority (Rakia) RAK Investment Authority and Minerals Energy and Commodities Holdings, a f ...
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- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
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