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Tuesday, 04 May 10
DRY BULK MARKET SOFTENING AGAIN ON LACK OF DIRECTION
 The dry bulk market has put on the brakes once again, after the last session of the Baltic Dry Index ended at 3,354 points, down 5 from the previous day. The capesize segment lost 62 points to reach 3,936, while the smaller panamax market gained 9 points to reach 3,900. Still, the irregularity observed during the previous weeks, when a panamax vessel could command higher fees than a comparative capesize has been eradicated after last week’s rally.
Still, in just one week the cape market has regained most of the ground lost since mid March, with the BCI closing on Friday at 3,936 points (+698 or +21.6% week on week) said Barry Rogliano Salles in a latest report. “This surge has been achieved on the back of short tonnage lists in the Atlantic and a rush for fixing before the Chinese/ Japanese holidays. However, the enthusiasm went a little down on Friday’s little downward correction. There was some increased period activity for one year duration, done in the mid 30s level, up from the low 30s of the previous weeks” said the report.
Summarizing the latest developments affecting the dry bulk market, BRS said that the project supported by the Australian Government to raise a so-called “resource rent tax” has come as a shock for the iron ore miners. Apart from the immediate reaction of the stock exchanges towards mining shares, the miners themselves have warned authorities that this tax (if implemented) could freeze a big share of their development projects.
“Analysts already predict that this tax could prevent some M&A initiatives to go further and decide some foreign investors to revise their plans. At the same time in China the CISA has called for a tax cut on domestic mining and a development of local supply. On the iron ore market, most players seem to be bearish about price evolution and wait-and-see attitude prevails for the moment. Lack of clear direction has also been the case for dry bulk shipping markets where despite a rate hike for Capes over the last 5 trading days, the week ended on a softer note.
Rumors have started circulating about a merger project by Glencore with Xstrata (of which they already won 34%) which could rocket the group to the top of the world commodity players’ ranking. No comments have so far been obtained from the two groups but according to analysts this project could be a key part of Glencore wider restructuring plan” said the shipbroker.
Still, in a recent report by N.Cotzias Shipping Group, we had noted that capes could very well be in for a run. “The fundamentals tell us that the Steel demand in China that leads the Iron]Ore Demand/Supply “tug of war” is there strong, and although China has reduced its iron ore imports from India due to an increase in excise duty and low grade imports into the country, overall trade has picked up, causing BDI to remain steadily in the range of 3k.
The past 2-3 weeks we have seen the Chinese Iron/Ore importers with the backing of the CISA, to be playing a nerve racking tactical cold war game with the giant Miners and Iron/Ore exporters. We strongly believe it is time that the flow returns to the normal levels and this "artificial" scarcity and shortage in the demand that was triggered partly as a boycott threat, cum pressure, will be resolved soon.
It is not a common secret after IMF released last week the latest word growth figures, that China's GDP growth estimate for 2010 is in double figures of 10%, and recent trade figures show that the improrts of Iron/Ore will exceed in volume those of 2009 by 7%” reaffirmed the report.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 11 August 11
INDO TAMBANGRAYA 1H NET PROFIT SOARS 53.09%
Coal miner PT Indo Tambangraya Megah Tbk (ITMG) today reported a 53.09% jump in net profit for the first 6 months of this year on the back of higher ...
Wednesday, 10 August 11
KILLARA RESOURCES TO ACQUIRE SIX COAL CONCESSIONS OF TASON HOLDINGS
COALspot.com - Killara Resources Limited, an Australian listed company has formed PT Tavesco Killara Energy (TKE), a joint company with PT Tavesco I ...
Wednesday, 10 August 11
RESOURCE NATIONALISM IS MAIN BUSINESS RISK FOR MINING SECTORS, E&Y SURVEY
Resource nationalism is top of the business risk list for mining and metals companies around the world, while supply capacity constraint issues cont ...
Wednesday, 10 August 11
INDONESIAN COAL MINING ASSOCIATION OPPOSES LOW-GRADE COAL EXPORT BAN
COALspot.com - The Indonesian Coal Mining Association (ICMA) frowns on and challenges the government plan to ban the low-grade coal export inf ...
Wednesday, 10 August 11
ABM INVESTAMA TO OFFLOAD 20% IPO
Integrated coal mining PT ABM Investama, affiliated company of Tiara Marga Trakindo Group, aims to dispose 20% stake during an initial public offeri ...
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- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Planning Commission, India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
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