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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, 07 August 09
COAL-PRICE FORECAST RAISED AT MERRILL ON CHINA, INDIA DEMAND
Bloomberg reported that, Bank of America Corp.’s Merrill Lynch & Co. unit increased its price forecast for Asian power-station coal becaus ...
Friday, 07 August 09
CHINESE DEMAND FOR FOREIGN COAL SOARS
Mining Weekly reported that, Chinese coal imports rocketed by 126,3%, year-on-year, in the first half of this year, the country’s customs auth ...
Thursday, 06 August 09
RICHARDS BAY COAL SHIPMENTS FELL 3% ON YEAR IN JULY
Bloomberg reported that, Richards Bay Coal Terminal, Africa’s largest coal-export facility, exported 3 percent less of the fuel in July than i ...
Thursday, 06 August 09
NTPC LOOKS TO BYPASS STATE TRADING FIRMS ON COAL IMPORT
A reduced coal import bill for NTPC could lead to lower power tariffs
Live mint.com reported that, India’s largest power generation utility ...
Thursday, 06 August 09
CHINA JULY COAL IMPORTS AT 9.5 MLN T, DEMAND FIRM
* Coal imports at key ports in July 2.8 times year-ago levels
* July coal imports down nearly 40 percent from June
* China still buying overseas c ...
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- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
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- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
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- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
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- Commonwealth Bank - Australia
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- Indian Oil Corporation Limited
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- Petron Corporation, Philippines
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- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
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- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
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- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Interocean Group of Companies - India
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- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
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- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
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- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
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- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
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- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
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- PTC India Limited - India
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