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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, 24 September 09
S.KOREA HYUNDAI STEEL TO BUY COAL FROM SIBERIA
Reuters reported that, South Korea's Hyundai Steel said on Wednesday it will buy a maximum of 300,000 tonnes of coal per year from Siberian Anthrac ...
Thursday, 24 September 09
NO IMPORTED COAL-BASED UMPPS: TATA POWER
Will wait until policy environment becomes more favourable.
Business Standard reported that, Tata Power Company (TPC), India’s largest priv ...
Thursday, 24 September 09
BUMI RAISES $1.9 BILLION SELLING DEBT TO CHINA'S CIC
Bloomberg reported that, PT Bumi Resources, Indonesia’s biggest coal producer, said it raised $1.9 billion selling debt to China’s sover ...
Thursday, 24 September 09
MACQUARIE DOWNGRADES U.S. COAL SECTOR TO NEUTRAL
Reuters reported that, Macquarie Research downgraded the U.S. coal sector to "neutral" from "overweight" as it believes that dem ...
Thursday, 24 September 09
CHINA WILL BE IMPORTER OF COKING COAL NEXT YEAR, MCCLOSKEY SAYS
Bloomberg reported that, China, the world’s largest coal user and producer, will remain an importer of the fuel through next year, according t ...
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- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Australian Coal Association
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
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