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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, 18 June 09
INDIKA GETS APPROVAL ON PETROSEA ACQUISITION
PT Indika Energy, the country’s third-biggest miner, said on Wednesday that its shareholders had approved its plan to acquire an 81.95 percent ...
Thursday, 18 June 09
MORE FUNDS FOR COAL VIDESH ASSET BUY
The government plans to let Coal Videsh, a subsidiary of Coal India, have more than Rs 1,000 crore at its disposal to shop for assets abroad.
&ld ...
Wednesday, 17 June 09
MINE EXPLOSION'S DEATH TOLL HITS 30 - (UPDATE 1 )
Search and rescue workers have discovered the bodies of 30 miners who were killed in a coal mine explosion in the West Sumatra regency of Sawahlunto ...
Wednesday, 17 June 09
S.KOREA UTILITIES INK '09 COAL CONTRACTS WITH CHINA
* S.Korea to buy 3 mln tonnes of coal from China at $78.50/T
* Talks between individual power firms and miners ongoing
South Korean utilities ...
Wednesday, 17 June 09
MINE BLAST KILLS NINE, BURIES DOZENS
A major mine explosion near Sawahlunto city, West Sumatra, Tuesday, killed at least nine people while more than 30 were buried and are feared ...
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- Makarim & Taira - Indonesia
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- ICICI Bank Limited - India
- Parliament of New Zealand
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- SMC Global Power, Philippines
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- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
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- MS Steel International - UAE
- Marubeni Corporation - India
- Interocean Group of Companies - India
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- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
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- Karbindo Abesyapradhi - Indoneisa
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- McConnell Dowell - Australia
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- Bhushan Steel Limited - India
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- Eastern Energy - Thailand
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- Directorate General of MIneral and Coal - Indonesia
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- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
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- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
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- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
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- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
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- Indian Oil Corporation Limited
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- Star Paper Mills Limited - India
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