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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, 27 January 10
PEABODY ENERGY EYES 'RED HOT' ASIAN COAL DEMAND
US miner Peabody Energy has seen already-strong Asian markets become “red hot”, as demand for metallurgical and thermal coal strains sup ...
Wednesday, 27 January 10
KOLKOTTA BASED POWER UTILITY CESC LOOKING FOR 100,000 MT OF COAL FOR MAY & JUNE DELIVERY
COALspot.com (India): Kolkotta based power utility CESC, the flagship company of the diversified RPG group of India, has issued a closed tender to b ...
Tuesday, 26 January 10
FREIGHT COST ERODES INDIA CEMENTS NET
"Freight cost increased from an average of around 14% of sales in the previous quarters to around 20% in the third quarter"
The Decembe ...
Tuesday, 26 January 10
VITOL BUYS EXPORT SPACE AT COLOMBIA SANTA MARTA PORT
Global energy trader Vitol has signed a four-year deal to take export capacity at Colombia's 3 million tonnes a year Carbonsan port in Santa Marta, ...
Tuesday, 26 January 10
AUSTRALIAN FIRM TO MINE COAL IN WEST BENGAL
India Resources Ltd (IRL), a mining firm listed on the Australian Stock Exchange, has decided to enter into contract mining of coal in
India ...
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- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- The University of Queensland
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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