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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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Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
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- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
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