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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 September 09
TATA POWER SCOUTS FOR COAL BLOCKS ABROAD
Business Standard reported that, private power producer Tata Power is scouting for coal mines abroad, including Australia and Mozambique, to meet de ...
Saturday, 26 September 09
THE INDIA / FAR EAST SEEMS WILL BE FIRM NEXT WEEK - VISTAAR
COALspot.com (Singapore): The dry bulk market was soft this week and the BDI dropped by almost 7 pct to 2,183 points. The cape size index dropped by ...
Saturday, 26 September 09
GSECL PLANS TO PROCURE 15 LAKH (1.5 MILLION) MT OF IMPORTED COAL
Business Standard reported that, State-run power generation company, Gujarat State Electricity Corporation Ltd (GSECL) intends to procure 15 lakh (1 ...
Saturday, 26 September 09
SAIL TO SET UP TWO SLAG-BASED CEMENT MANUFACTURING UNITS
Rediff Business reported that, Government-owned Steel Authority of India Ltd, the country's largest steel producer, is looking to set up two greenf ...
Friday, 25 September 09
INDONESIA STOCK EXCHANGE EXAMINES BUMI DEAL WITH CHINESE SOVEREIGN WEALTH FUND
The Jakarta globe reported that, The Indonesia Stock Exchange is looking into the $1.9 billion financing deal between PT Bumi Resources, the country ...
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- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
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- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- MS Steel International - UAE
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
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- Independent Power Producers Association of India
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- Economic Council, Georgia
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- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
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- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
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- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
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- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
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- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Planning Commission, India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
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- Bhatia International Limited - India
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- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
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