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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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- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Australian Coal Association
- The University of Queensland
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
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