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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, 28 December 09
SOMALI PIRATES SAY $4 MILLION RANSOM PAID FOR COAL SHIP
A helicopter dropped a $4 million ransom payment on Sunday on to the deck of a Chinese coal ship hijacked by Somali pirates in mid-October, a pirate ...
Saturday, 26 December 09
COAL INDIA, RIO TINTO MAY HOLD TALKS SOON ON TIE-UP
State owned Coal India Limited (CIL), which is in the race for acquisition of overseas coal properties to plug the demand supply shortfall of the dr ...
Saturday, 26 December 09
COKING COAL PRICES MAY RISE BY 10 - 15% FROM APRIL 2010
The price of coking coal, one of the key raw materials for steel production, is likely to increase by 10-15% in next April, the month in which m ...
Saturday, 26 December 09
COAL INDIA SECURES TWO BLOCKS IN MOZAMBIQUE
It's official now. Mozambique has awarded two coal acreages in its Maotize region with an estimated one billion tonne reserves to Coal India Ltd bu ...
Thursday, 24 December 09
DRY BULK CHARTERING - SHIPPING UPDATE
Handy
Continued firm conditions for the Handymax / Supramax market in the Atlantic despite the BSI´s downward trend. As chrs scramble to cov ...
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- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- White Energy Company Limited
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
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