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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 $12,000, it said.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 13 August 09
RIO PREPARES COAL IPO AFTER FAILING TO FIND BUYER
Bloomberg reported that, Rio Tinto Group, the world’s third- largest mining company, is preparing an initial public offering for its U.S. ...
Thursday, 13 August 09
NOBLE'S PROFIT DOUBLES ON GLOUCESTER COAL ACQUISITION
Bloomberg reported that, Noble Group Ltd., a Hong Kong-based supplier of raw materials from soybeans to coal, said second- quarter profit more than ...
Thursday, 13 August 09
CHINA COAL-PRICES UNCHANGED, BUT LIKELY TO MOVE HIGHER
Alibaba reported that, Spot coal prices in China's top coal port Qinhuangdao were unchanged from a week earlier, but are still looking bullish in t ...
Thursday, 13 August 09
INDONESIA'S BERAU COAL SEES 2010 OUTPUT UP 16 PCT
Reuters reported that, Indonesia's fifth-largest coal miner, PT Berau Coal, expects 2010 production to be nearly 16 percent higher than this year, ...
Thursday, 13 August 09
JAYPEE GROUP. L&T INK RS 4,000-CRORE (US$ 824,818,084) DEAL
Second order bagged by L&T in the supercritical segment.
Jaiprakash Power Ventures Ltd (JPVL), promoted by the $7-billion Jaypee group, has s ...
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- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
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- Billiton Holdings Pty Ltd - Australia
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- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
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- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
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- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
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- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
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- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
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- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
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- Interocean Group of Companies - India
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- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
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- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
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- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
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