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Thursday, 22 April 10
DRY CARGO DEMAND EXPECTED TO INCREASE, FAVORING HIGHER FREIGHT RATES
 Increased dry bulk cargo demand is expected to become the norm in the coming weeks and months, according to analysts, which in turn should sustain firmer freight rates for bulk carriers. This could also explain not only the positive stance that ship owners have been exhibiting lately, but also their urge to acquire more dry bulk carriers from the second hand market, with a record of 157 ships traded during March, according to brokers’ reports. Still, those factors haven’t yet been translated through the Baltic Dry Index (BDI), which is moving rather lethargically during the past couple of weeks. Yesterday’s session saw the index at 3,009 up by 11, with the Capesize market rebounding, while the Panamax segment was retreating.
According to an analysis by Commodore Research & Consultancy, Chinese iron ore imports continue to remain firm this year and are up significantly from 2008 levels. In the first three months of this year, China has imported an average of 51.67 million tons of ore, 14.67mt (40%) more than 2008’s monthly of average of 37mt. Iron ore imports reached a monthly average of 52.36mt in 2009, however, putting this year’s iron ore imports at 0.69mt (-1%) less than 2009 levels.
At the same time, Chinese thermal coal demand also remains very firm, as the severe drought in southwest China continues to significantly restrict hydropower production. “A continued decline in Chinese steel stockpiles remains very encouraging. Chinese steel production, and now apparent consumption, appears quite firm. The very sharp decline in Chinese coal stockpiles is also encouraging. Thermal coal demand in China is likely to remain robust during the next few months, as Chinese hydropower output stays low and the Northern Hemisphere peak summer demand season approaches. Spot prices for dry bulk commodity prices remain firm and global port congestion is still very high” the report said.
Meanwhile, another important market expected to kick in by June, is the expected increase of Canadian iron ore exports. Wuhan Iron Ore and Steel Company (WICSO), one of China’s major steel mills, recently announced that it would head the call to boycott Australian and Brazilian ore. As an alternative the company is favoring a steady supply of the raw material from Canada’s Consolidated Thompson, beginning June. The iron ore will come from Consolidated Thompson’s Bloom Lake Iron Ore Deposit, a 640 million ton ore deposit of primarily low quality iron ore. Bloom Lake currently produces around 7mt of high quality ore (with up to a 66.5% iron content) each year, however, and this is the type of ore that WISCO will be importing. WISCO’s Consolidated Thompson ore imports will be shipped from the eastern Canadian ports of Sept-Isles, Pointe Noire, and Port Cartier. Commodore says that “this development will support freight rates (once shipments begin in June) due to the increase in ton miles associated with shipping ore from eastern Canada to China, compared with shipping ore from Australia or India to China. WISCO will still find it difficult to boycott Australian and Brazilian ore in the short-term, however, as Consolidated Thompson shipments will not begin until June. Once these ore shipments begin, we still expect WISCO (and any other importers of Consolidated Thompson ore) to continue to import a large amount of iron ore from traditional exporters (Australia, Brazil, and India)” concluded the report.
Commenting on the recent trend of the capesize segment, Fearnley’s latest weekly report said that finally there was more optimism in the market last week, with improving rates being fixed and more activity. “This week started off relatively quiet, with Rio Tinto fixing vessels well below $10 for Australia round voyage and Vale picking older ships at around $23 pmt for Tubarao/Qingdao. Later this week, however, BHP was more aggressively pushing the marked up by fixing four vessels in relatively short time for Australia/PRC at 10.25-10.50 range, i.e. breaking the important ten mark. The market in general was surprised to see the charters paying up like this, and the most plausible explanation is that there is more to go” concludes Fearnley’s.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 31 March 10
DRY BULK MARKET STILL MODERATELY FALLING, BUT POSITIVE SIGNS APPEAR ON THE HORIZON - HELLENIC SHIPPING
The irregularities of the current dry bulk market have been more than evident in the fact that panamax vessels today earn more than their larger cap ...
Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE
The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intang ...
Wednesday, 31 March 10
ITMG TO UP COAL OUTPUT DESPITE PERMIT PROBLEMS - THE JAKARTA POST
The Jakarta Post reported that, the country’s third largest coal producer PT Indo Tambang Raya Megah (ITMG) said it can raise output although ...
Tuesday, 30 March 10
ANALYST SEES BDI LIFT, SUGGESTS DRY BULK SHORT SQUEEZE
Analysts at Credit Suisse are bullish on Diana and see a potential short squeeze elsewhere in the sector. The Baltic Dry Index (BDI) -- an industry ...
Tuesday, 30 March 10
CHINA'S DROUGHT RAISES COAL PRICES, LOWERS HYDROPOWER
Bloomberg reported that, Benchmark coal prices at Qinhuangdao, China’s largest port handling the fuel, rose for the first time in 10 weeks aft ...
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- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- VISA Power Limited - India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- The University of Queensland
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
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