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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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Saturday, 13 February 10
COAL INDIA 2010/11 COAL IMPORTS TO JUMP - EXEC
Coal imports by state-run Coal India Ltd are likely to soar to 6-10 million tonnes in fiscal 2010/11 from an expected 1.5-1.7 million tonnes in the ...
Saturday, 13 February 10
RULES MAY FREE $10B OF MINING PROJECTS IN INDONESIA
The government announced on Friday that it had issued two implementing regulations for the new Mining Law that will clear the way for the developmen ...
Saturday, 13 February 10
INDONESIA OFFERS TAX INCENTIVES FOR RENEWABLE ENERGY
Indonesia is offering tax incentives to develop renewable energy projects, including geothermal energy, to cut dependency on fossil fuels, a decree ...
Friday, 12 February 10
MECHEL EYES 2010 COAL OUTPUT AT 28-29 MLN T
Russian steel and coking coal producer Mechel expects coal output to reach 28-29 million tonnes this year, returning to pre-crisis levels thanks to ...
Friday, 12 February 10
TATA POWER: QUARTERLY BLIP
Although the company’s revenues dipped in the December quarter, its long-term story is intact.
Lower power generation and realisations saw ...
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- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Planning Commission, India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
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