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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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Monday, 08 February 10
BLACK RIDGE MINING APPOINTS INDEPENDENT CONSULTANT
Australian-listed Black Ridge Mining has announced the appointment of David Tuit as an independent consultant to assist with the assessment of the c ...
Monday, 08 February 10
SOUTH AFRICAN EXPORT COAL RISES FOR FIRST TIME IN FOUR WEEKS
Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, posted their first gain ...
Monday, 08 February 10
NTPC HOPES TO START ON 500-MW PROJECT IN SRI LANKA BY FEB-END
NTPC sources told Business Standard, “All formalities from our government and NTPC have been completed.
The opinion of the Sri Lankan atto ...
Sunday, 07 February 10
AN AUSTRALIAN FIRM HAS SIGNED A $60BN DEAL TO SUPPLY COAL TO CHINESE POWER STATIONS
Clive Palmer, chairman of the company, Resourcehouse, said it was Australia's "biggest ever export contract".
Under the deal, the firm ...
Saturday, 06 February 10
FREIGHT WOULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR SHIPPING
COALspot.com (Singapore): The freight market continued to soften this week including the stock markets. The main reason seems to be Chinese ne ...
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- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
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