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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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- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- The University of Queensland
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Australian Coal Association
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
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