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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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Tuesday, 07 July 09
Q+A - INDONESIA MINING SECTOR FACES ELECTION RISKS - REUTERS
Indonesia has struggled to lure foreign investment to its mining sector in recent years, and the nationalist line on resource exploitation taken by ...
Tuesday, 07 July 09
INDIKA ENERGY COMPLETES THE ACQUISITION OF PETROSEA
TAMBANG reported that, PT Indika Energy, Tbk has officially announced that it has completed the acquisition of PT Petrosea, Tbk. from Clough Interna ...
Tuesday, 07 July 09
RUSSIAN AUDITORS ATTACK COAL EXPORTERS OVER PRICING
Russia's budget is losing substantial revenues because the country's exporters ship coal overseas at artificially low prices through various offsh ...
Tuesday, 07 July 09
RBCT COAL EXPORTS TO REMAIN BELOW CAPACITY IN 2009
Coal volumes railed to South Africa’s Richards Bay Coal Terminal are continuing to fall far short of the corridor’s nameplate yearly cap ...
Tuesday, 07 July 09
TATA POWER AID THE INDONESIAN COAL MINES
BL reported that Mr Prasad Menon MD of TATA Power aid the Indonesian coal mines PT Kaltim Prima Coal and PT Arutmin Indonesia in which TATA Power ha ...
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- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
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