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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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Saturday, 13 February 10
COAL INDIA 2010/11 COAL IMPORTS TO JUMP - EXEC
Coal imports by state-run Coal India Ltd are likely to soar to 6-10 million tonnes in fiscal 2010/11 from an expected 1.5-1.7 million tonnes in the ...
Saturday, 13 February 10
RULES MAY FREE $10B OF MINING PROJECTS IN INDONESIA
The government announced on Friday that it had issued two implementing regulations for the new Mining Law that will clear the way for the developmen ...
Saturday, 13 February 10
INDONESIA OFFERS TAX INCENTIVES FOR RENEWABLE ENERGY
Indonesia is offering tax incentives to develop renewable energy projects, including geothermal energy, to cut dependency on fossil fuels, a decree ...
Friday, 12 February 10
MECHEL EYES 2010 COAL OUTPUT AT 28-29 MLN T
Russian steel and coking coal producer Mechel expects coal output to reach 28-29 million tonnes this year, returning to pre-crisis levels thanks to ...
Friday, 12 February 10
TATA POWER: QUARTERLY BLIP
Although the company’s revenues dipped in the December quarter, its long-term story is intact.
Lower power generation and realisations saw ...
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- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
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