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Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
 In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up during the first two days of this week, ending yesterday’s session up by 244 points to 4,187. This is very close to the all-time highs of the BDI, since the financial crisis struck the global economy and triggered a crash of the BDI to just 661 points by early December of 2008.
The most impressive rise was noted in the leading cape size market segment, where just yesterday, the BCI (Baltic Capsize Index) shot up by an impressive 637 points to surpass the 5,000 point mark (5,262). On the opposite end, rates for all smaller ship sizes were down yesterday.
In a relative report, Commodore Research & Consultancy, said that “going forward, declining steel and iron ore prices are still a cause for concern and we still remain cautious that dry bulk freight rates will continue to come under pressure in the immediate future. It is encouraging, however, that iron ore stockpiles at Chinese ports have decreased and spot chartering activity increased at the end of the week. Congestion is also high and it is encouraging that global steel production set a new record in April and so far remains firm. Global steel output normally remains robust during the Northern Hemisphere summer and we continue to anticipate a rebound in dry bulk cargo demand in the upcoming months”.
It went on to add that slowly improving conditions in southwest China have allowed hydropower production to increase, which reduces the need for thermal coal, but Chinese demand for thermal coal is expected to remain robust as China enters peak summer demand season and the economy continues to expand at a rapid pace. “In addition, the commencement of Indian monsoon season will result in China needing to import more iron ore from australia and Brazil which will lend additional support to Cape size freight rates.
A decrease in Indian iron ore exports, which are normally carried on Supramax and Panamax vessels, will be partially offset by an increase in Chinese grain imports. Overall, dry bulk cargo demand is in a bit of a lull, but thermal coal and grain demand remain robust and iron ore demand is still firm. The Chinese housing market and real steel consumption must continue to be closely monitored. It seems unlikely that steel and iron ore demand will suffer a sustained decline but spot prices and vessel fixtures must continue to be monitored closely” said Commodore.
Meanwhile, according to the latest official data, China produced 88.1 million tons of iron ore in April, an increase of 8.34mt (10%) from 79.7mt produced in March. Chinese iron ore production usually increases in the same months when China imports a large amount of ore - China imported 55.3mt of ore last month, about 2.7mt (5%) more than this year's monthly average of 52.6mt. Robust ore production in China is likely to continue - but May production may decrease as Chinese ore demand has come under pressure. China will continue to import large amounts of ore, however, as demand is expected to remain firm and domestic ore is of low quality.
In another bullish move for the market, surprise reports emerged for new building orders from both Rio Tinto and BHP Billiton. According to the latest weekly report by shipbroker Barry Rogliano Salles (BRS), Rio Tinto was said to have placed a US$ 500m order at Hanjin for eight 205,000 dwt vessels. Meanwhile BHP is reportedly set to give 10-year charter backing to six vessels of the same size to be ordered by Fortis bank at Hyundai (at a cost of US$ 66-US$ 67m each). “Although we have seen Vale busy in the market, this is the first apparent new building move from the other two mining groups, a strategy in line with the shift towards more CIF-based selling.
While Rio picked up several second hand vessels last year, prices have risen since then, increasing interest in new builds. The US$ 62.5m price tag quoted for Rio’s large Capes is similar to the current Baltic price for a 5-year-old 170,000 dwt Cape. If confirmed, the BHP contract would represent the first ‘Newcastlemax’ tonnage of around 200,000 dwt built by the yard since the early nineties” said the broker.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
Tuesday, 25 May 10
KALIMANTAN COAL RAIL PROJECT RUNS INTO COST DELAY - THE JAKARTA GLOBE
The Jakart globe reported that, A$1.5 billion coal rail and port project planned for Central Kalimantan may be delayed by a year after a review of t ...
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- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- The University of Queensland
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- VISA Power Limited - India
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