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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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Wednesday, 13 May 09
INDONESIA ADARO NET PROFIT, REVENUE TO RISE IN 2009 - REUTERS
INDONESIA's largest coal producer by market value, PT Adaro Energy Tbk, expects double-digit growth in revenue and net profit this year, an officia ...
Wednesday, 13 May 09
ALPHA TO BUY RIVAL, CREATING NEW US COAL HEAVYWEIGHT - MININGWEEKLY.COM
Alpha Natural Resources, the biggest supplier of metallurgical coal in the US, has agreed to buy Maryland-based rival Foundation Coal for about $1,4 ...
Tuesday, 12 May 09
CHINA MINERS CUT COAL PRICE OFFER TO JAPAN UTILITIES - ALIBABA.COM
* Producers cut offer to $75.50 a tonne from over $80
* Negotiations may conclude soon as price gap narrows
* New offer at discount of about 43 pe ...
Tuesday, 12 May 09
INDO TAMBANGRAYA SEES 2010 COAL OUTPUT UP 25 PCT - REUTERS
Indonesian coal miner, PT Indo Tambangraya Megah (ITMG.JK), expects coal output to increase by up to 25 percent next year as production kicks in at ...
Tuesday, 12 May 09
INDIKA EXPECTS TO INCREASE COAL PRODUCTION BY 12.68% IN 2010 - THE JAKARTA POST
Energy and infrastructure company PT Indika Energy, the parent company of Indonesia's third largest coal producer PT Kideco Jaya Agung, expects its ...
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- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Siam City Cement - Thailand
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