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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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Sunday, 26 April 09
INDONESIAN GOVT SAYS COAL MINES CAUSE WEEKLONG FLOOD - THE JAKARTA POST
Samarinda administration in East Kalimantan admitted openly Thursday that the weeklong flood that paralyzed the city was caused by unruly management ...
Saturday, 25 April 09
FOREIGN SHARE DIVESTMENT STARTING THE 6TH YEAR OF PRODUCTION - MAJALAH TAMBANG
The government would set a divestment scheme for foreign miners, which would require companies to divest their ownership starting the 6th year of pr ...
Saturday, 25 April 09
INDO TAMBANGRAYA MEGAH ALLOCATED USD 126 MILLION FOR CAPITAL SPENDING - MAJALAH TAMBANG
Somyot Ruchirawat, President Director of PT Indo Tambangraya Megah, Tbk (ITMG), has announced the company's total dividend payment of Rp 1,345 per ...
Saturday, 25 April 09
MINING SECTOR IS STILL ON THE SURPLUS - THE JAKARTA POST
The global financial crisis is apparently also having an impact on the mining sector. People are thinking twice about investing in the mining sector ...
Saturday, 25 April 09
ADARO RUNS CATARACT OPERATION PROGRAM - THE JAKARTA POST
As part of its CSR program, thermal coal producer PT Adaro Indonesia has made cataract operations available to residents of Tandjung district, South ...
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- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
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