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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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Thursday, 21 January 10
HANDYMAX - SHORT PERIOD OWNERS IDEAS ARE AROUND MID/LOW 20S - FEARNLEYS AS
HANDY
The BSI moved in a downward direction since last Friday reflecting minor a ...
Thursday, 21 January 10
ASF GROUP TO COMMENCE COAL SALES TO CHINA BY FEBRUARY 2010
Sydney-based China energy and resource conduit, ASF Group has struck an agreement to supply coal to China.
In September 2009, ASF announced a ven ...
Thursday, 21 January 10
INDONESIA BUKIT ASAM AGREES ON LOWER COAL PRICE
Indonesian state coal miner PT Tambang Batubara Bukit Asam Tbk has agreed with a local power plant to set 2010 coal prices at 23 percent lower than ...
Thursday, 21 January 10
CABOTAGE POLICY POSTPONED
The Transportation Ministry has decided to postpone for one year the full enforcement of the cabotage principle – a maritime term for the proh ...
Thursday, 21 January 10
MEC IN TALKS WITH TATA POWER ON COAL - TRADE
The UAE's Middle East Coal is in talks to supply coal to Tata Power, India's biggest private sector power firm, from its new Indonesian operations ...
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- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
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