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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, 25 November 09
NAPOCOR SCRAPS AWARD OF 715,000 TONS COAL
Top Philippine electricity producer National Power Corp. (Napocor) said on Wednesday it had cancelled plans to award 715,000 tons in coal supply con ...
Wednesday, 25 November 09
RISING FREIGHT RATES HIT COAL IMPORTERS
While state-owned NTPC’s 12.5 million tonne coal import order may have been aimed at plugging the shortage of coal at its thermal power plants ...
Wednesday, 25 November 09
CSN TO BUY RIVERSDALE STAKE TO BOOST COAL SUPPLIES
Cia. Siderurgica Nacional SA plans to buy 16.3 percent of Australian coal-exploration company Riversdale Mining Ltd. for about A$190.5 million ($175 ...
Tuesday, 24 November 09
ICRA DOWNGRADES TNPL`S RATING TO LAA
Credit rating agency, ICRA has revised the long term rating for the Rs 11.25 billion long-term fund-based bank facilities and Rs 1.5 billion non-con ...
Monday, 23 November 09
INDONESIA MINING RULE THREATENS INVESTMENT DRIVE
A new Indonesian mining rule, limiting contract work that can be outsourced and favouring local players, is shaping up as a new blow to plans ...
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- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
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