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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, 14 December 09
SOUTH AFRICAN STEAM COAL PRICES FIRMING UP FOR Q1 TRADE
Reuters reported that Q1 South African coal prices firmed again slightly largely on Asian demand but European delivered prices were little changed.
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Sunday, 13 December 09
THE FREIGHT MARKET SEEMS TO BE COMING OFF A BIT AND THE MARKET MAY BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com (Singapore): "The market softened this week especially in the Cape and Panamax segment , where as the Supramax and Handy size was ...
Sunday, 13 December 09
NAPOCOR CUTS COAL IMPORT PROJECTION FOR 2010
STATE-RUN National Power Corp. slashed its planned coal importation for 2010 to only 200,000 metric tons from 3.4 million MT this year, as the gover ...
Sunday, 13 December 09
CHINESE BUYERS SEEK LARGE TONNAGE OF SOUTH AFRICA STEAM COAL
Reuters reported that Chinese utilities on the coast and inland are seeking several cape cargoes each of South African coal for 2010 delivery becaus ...
Saturday, 12 December 09
QUEENSLAND APPROVES A$4 BILLION COAL TERMINAL PROJECT
Queensland’s state government said it has signed a mandate approving development of the A$4 billion ($3.7 billion) Wiggins Island coal termina ...
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- Altura Mining Limited, Indonesia
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- Bhatia International Limited - India
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- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
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- Petrochimia International Co. Ltd.- Taiwan
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- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
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- MS Steel International - UAE
- Independent Power Producers Association of India
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- White Energy Company Limited
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- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
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- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
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- Trasteel International SA, Italy
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- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- The University of Queensland
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Australian Coal Association
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
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- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
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- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
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- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
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- Samtan Co., Ltd - South Korea
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- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
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- Antam Resourcindo - Indonesia
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- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
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- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
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- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
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- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Minerals Council of Australia
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