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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, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
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 Ind ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
Tuesday, 27 April 10
S.KOREA EWP SEEKS 0.520 MILLION TONS OF SUB-BITUMINOUS COAL
COALspot.com: South Korea East West Power Company has called for term bids for supply of Sub-bituminous Coal for Dangjin Thermal Power Pla ...
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- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- White Energy Company Limited
- The University of Queensland
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
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