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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, 30 June 09
ARCELORMITTAL, RIO, 8 OTHERS VIE FOR COAL INDIA MINES
Coal India Ltd. short-listed ArcelorMittal, Rio Tinto Group and eight other companies to develop its abandoned mines to help ease a shortage of coal ...
Monday, 29 June 09
INDONESIA PLANS 20 PCT FOREIGN MINING SALE LAW
Indonesia plans to require foreign investors in mining firms to gradually divest shares starting from the fifth year of commercial production, but m ...
Monday, 29 June 09
CHINA ENJOYS STABLE COAL ECONOMY IN THE FIRST FIVE MONTHS OF 2009
In the first five months of the year, China's raw coal production had continued to rise, and coal market stayed in a balance in terms of supply-dem ...
Monday, 29 June 09
GOVERNMENT FINE TUNES MINING LAW
The government is planning to require all foreign-owned mining companies to divest 20 percent of their businesses to local entities after five years ...
Sunday, 28 June 09
INDIA CEMENTS TO INVEST RS 1,500 CR OVER 2 YEARS
Chennai-based India Cements is planning to invest around Rs 1,500 crore over the next two years for setting up a greenfield project in Rajasthan, po ...
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- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- PTC India Limited - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
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