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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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Wednesday, 10 February 10
ANGLO AMERICAN TIPS COAL PRICE RISE AFTER RAIN, AUSTRALIAN SAYS
Anglo American Plc expects coking coal contract prices to rise after weeks of heavy rain in Queensland state cut output by as much as 10 million met ...
Wednesday, 10 February 10
KANGAROO RESOURCES COMMENCES MINING AT MAMAHAK COKING COAL PROJECT
International coal producer Kangaroo Resources has kicked off mining at its second Indonesian coal operation, the Mamahak Coking Coal Project in Eas ...
Wednesday, 10 February 10
CHINA DENIES CLIVE PALMER'S COAL DEAL
ONE of China's biggest government-owned companies yesterday repudiated mining billionaire Clive Palmer for overstating what he said was Australia' ...
Tuesday, 09 February 10
INDIANS SAY SEEKING COAL BARGAINS VIA INDEX PRICES
* Indonesian cheaper than S.African - traders
* End-users wait for price falls before tendering
Indian coal traders responsible for the bulk of ...
Tuesday, 09 February 10
EURO COAL-PROMPT SLIDES WITH OIL PRICES
* April S.African cargo trades at $83.50/T FOB, unchanged
* April DES cargo trades at $74.75 a tonne, down $1/T
* Russia's Kuzbassrazrezugol sees ...
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- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Thai Mozambique Logistica
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Planning Commission, India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
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