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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, 16 June 09
INDIAN MINING WORKER ARRESTED IN BENGKULU
Forestry officials in Bengkulu Province, Sumatra, arrested one Indian national and two Indonesians on Sunday for unauthorized exploration in the ele ...
Tuesday, 16 June 09
INDIAN GOVERNMENT MAY ALLOW PRIVATE COMPANIES TO MINE COAL
The government is “strongly considering” to allow commercial coal mining by private companies in a bid to bridge the demand-supply gap, ...
Monday, 15 June 09
SAFRICA'S COAL TERMINAL EXPANSION DELAYED TO Q4
South Africa's Richards Bay Coal Terminal (RBCT) said on Monday the completion of a project to expand the export facility had been delayed to the f ...
Monday, 15 June 09
SHENHUA DENIES GIVING GROUND ON EXPORT COAL PRICE - REUTERS
China Shenhua Energy Co, the country's top coal producer, expects Japanese and South Korean clients to pay at least as much as Chinese customers fo ...
Monday, 15 June 09
POWER PLANT SUFFERS FROM COAL CRISIS - THE STATESMAN
The 3,000 mw NTPC-Kaniha power plant, the second biggest in the country, is facing an unprecedented coal crisis with stocks dipping to a low of only ...
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- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
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- Economic Council, Georgia
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- Heidelberg Cement - Germany
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- The University of Queensland
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Coal and Oil Company - UAE
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- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
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- White Energy Company Limited
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
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- Parry Sugars Refinery, India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
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- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
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- Bukit Makmur.PT - Indonesia
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- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
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- TNB Fuel Sdn Bhd - Malaysia
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- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
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- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
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- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
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- Gujarat Sidhee Cement - India
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- The Treasury - Australian Government
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
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- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
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- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
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- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
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- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
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- Minerals Council of Australia
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- Australian Coal Association
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- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
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