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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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Friday, 09 October 09
INDIKA IN TALKS TO SELL 4M TONS OF COAL, EYEING BP ASSETS
The Jakarta Post reported that, Energy company PT Indika Energy is in talks with Indian buyers to sell 4 million tons of coal next year, one of its ...
Friday, 09 October 09
BULK-SHIPPING LINES MUST CANCEL 50% OF NEW ORDERS, PLATOU SAYS
Bloomberg reported that, Bulk-shipping lines need to cancel half of the new vessels they have on order to ease a capacity glut and revive freight ra ...
Friday, 09 October 09
THE BALTIC DRY INDEX WOKE UP: DRY BULK MARKET ON THE RISE
Hellenic Shipping News reported that, In what could prove the beginning of a new and sustainable rally for the dry bulk market, the BDI (Baltic Dry ...
Friday, 09 October 09
STRAITS ASIA INDONESIAN MINE COAL LOADER COLLAPSES
* New coal loading facility collapsed due to heavy rain
* Older coal loading facility seem unaffected so far
* UBS may cut valuation if disruption ...
Thursday, 08 October 09
COAL INDIA SAYS IMPORTS COULD JUMP 10 TIMES IN 3 YRS
Reuters reported that, Coal imports by state explorer Coal India Ltd could jump 10 times to 40-45 million tonnes in three years to meet a sharp rise ...
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- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Minerals Council of Australia
- PTC India Limited - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- The University of Queensland
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
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