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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, 08 October 09
MINING TO ATTRACT $6B: BKPM
The Jakarta Post reported that, Indonesia’s mining sector could expect investment of up to US$6 billion in the 2010-2012 period, in part becau ...
Thursday, 08 October 09
INDIA DEMAND TO HELP DIRE COAL OUTLOOK - MACQUARIE
Reuters reported that, Macquarie Securities said on Wednesday its bearish short-term outlook on thermal coal may begin improving in a year's time o ...
Thursday, 08 October 09
ESSAR UNIT WINS INR 479 CR (US$ 103,272,401) ORISSA PROJECT
The firm will develop and operate the terminal at Paradip port; the contract will stretch up to 30 years
Live Mint reported that, Essar Shipping ...
Wednesday, 07 October 09
ESSAR, JINDAL IN TAKEOVER TUSSLE FOR AUSTRALIAN COAL MINER
Reuters reported that, Privately owned Essar Group has launched a surprise A$144.2 million ($128.1 million) bid for Australian coal minnow Rocklands ...
Wednesday, 07 October 09
ADARO SECURES $500 M LOAN
The Jakarta Post reported that, The country's second largest coal producer, PT Adaro Energy announced on Wednesday that it has secured US$500 milli ...
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- Independent Power Producers Association of India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- CNBM International Corporation - China
- The University of Queensland
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
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