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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, 08 February 10
BLACK RIDGE MINING APPOINTS INDEPENDENT CONSULTANT
Australian-listed Black Ridge Mining has announced the appointment of David Tuit as an independent consultant to assist with the assessment of the c ...
Monday, 08 February 10
SOUTH AFRICAN EXPORT COAL RISES FOR FIRST TIME IN FOUR WEEKS
Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, posted their first gain ...
Monday, 08 February 10
NTPC HOPES TO START ON 500-MW PROJECT IN SRI LANKA BY FEB-END
NTPC sources told Business Standard, “All formalities from our government and NTPC have been completed.
The opinion of the Sri Lankan atto ...
Sunday, 07 February 10
AN AUSTRALIAN FIRM HAS SIGNED A $60BN DEAL TO SUPPLY COAL TO CHINESE POWER STATIONS
Clive Palmer, chairman of the company, Resourcehouse, said it was Australia's "biggest ever export contract".
Under the deal, the firm ...
Saturday, 06 February 10
FREIGHT WOULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR SHIPPING
COALspot.com (Singapore): The freight market continued to soften this week including the stock markets. The main reason seems to be Chinese ne ...
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- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
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- Bangladesh Power Developement Board
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- Eastern Coal Council - USA
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- Antam Resourcindo - Indonesia
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- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
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- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
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- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
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- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
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- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
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- Economic Council, Georgia
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
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- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Planning Commission, India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
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- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
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