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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 Index (BDI) rose yesterday by more than 6% on a daily basis to 3,203 points, with analysts unanimous that stronger iron ore demand from China was the key reason. The BDI now stands at its highest level in more than one month, while reports said yesterday that smaller Chinese steel mills began buying iron ore at quarterly prices agreed by Japan and South Korea, in a move that effectively ends the old benchmark system.
In its weekly report, shipbroker BRS (Barry Rogliano Salles) said that South Africa’s Richards Bay terminal confirmed a sharp rise in Asian exports, which rose to 42% of total shipments in the first quarter of this year, up from 25% a year earlier – due mainly to Chinese and Indian demand.
In Europe, Thyssenkrupp became the first European buyer to confirm it had agreed an iron ore price on a quarterly basis. In line with the Japanese contracts, it also reported a 100% price increase, back-dated to April 1. Commenting on the capesize market prospects, BRS said that the market will continue to watch what impact the new, higher commodity prices will have on demand.
According to brokers quoted by Reuters, high congestion at Brazilian ports had also helped drive rates higher, especially for the larger capesize ships. They added that freight derivatives contract buying had added to the positive momentum. Andrew Dawson, a broker with Freight Investor Services was quoted by the agency saying that "it seems to be a combination of a lack of vessels in the Atlantic and also increased demand from the Chinese. It's iron ore that has driven this push." As a result, capesize vessels, typically the main haulers of iron ore were the principal gainers from yesterday’s upward push in the market. Average earnings rose to $35,109, according to the Baltic Exchange.
In a separate report, JP Morgan Chase & Co. raised its previous estimates on global demand for dry bulk commodities, saying that it will expand by 6 percent in 2010, versus its previous forecast of 3.7 percent. On a similar note, JP Morgan said that it expects iron ore trade growth to reach 11.2%, from an earlier prediction of 5.7%, while coal demand will expand by 5.7%, up from the previous estimate of 3.8%. In other words, the investment bank almost doubled its estimates on global dry bulk trade growth, in what could be translated as a pretty strong sign of the industry’s ability to leap out from the crisis and also face with very increased chances the issue of tonnage oversupply.
On that matter, JP Morgan commented that the increased trade will coincide with half the ships that are scheduled to be built this year being delayed or cancelled, as yards in Asia fail to deliver a record order book on time. “We do not believe that it is even physically possible for the shipyards to meet this robust schedule, with or without financing concerns,” said the report, quoted by Bloomberg.
JPMorgan increased its forecasts for what ships will earn as a result by as much as 33 percent. Panamax ships, the largest to sail through the Panama Canal, will average $21,200 a day this year, up from a previous forecast of $16,000, JPMorgan said. Rates for capesizes, were revised up 3.1 percent to $33,000 a day; supramaxes were increased 22 percent to $17,100 a day, and handymaxes will make $14,700, compared with a prior estimate of $12,000, it said.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 28 May 10
CHINESE BAN TO HIT INDIAN IRON ORE EXPORTS
Nearly half of India's iron ore exports to China are in serious danger of being wiped out. The local government has imposed a ban on import of low ...
Friday, 28 May 10
INDIAS NEYVELI LIGNITE EYEING INDONESIA, SOUTH AFRICA COAL MINES
Integrated mining and power producer Neyveli Lignite Corporation Thursday said it is exploring possibilities for buying coal mines in Indonesia and ...
Friday, 28 May 10
ADARO ACQUIRES 25% ICP AT US$ 335 MIO
Indonesia's second largest thermal coal miner PT Adaro Energy Tbk (ADRO) today announces formation of new joint venture for Indonesian Coal Project ...
Thursday, 27 May 10
KPCL IS LOOKING FOR 0.50 MLN TON TO IMPORTED STEAMING COAL FOR RAICHUR THERMAL POWER STATION
COALspot.com: KARNATAKA POWER CORPORATION LIMITED, India invited from reputed parties meeting the pre qualifications stipulated for the import ...
Thursday, 27 May 10
TNPL TO BUY 0.240 MLN TON NON-COKING COAL FOR SECOND HALF OF 2010
COALspot.com: Tamil Nadu Newsprint and Papers Limited (TNPL), would like to procure 0.24 mln MT of imported Non-Coking Coal in 6 Shipments of about ...
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- Essar Steel Hazira Ltd - India
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- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
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- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
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- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
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- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
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- Romanian Commodities Exchange
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- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
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- White Energy Company Limited
- SMC Global Power, Philippines
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- Minerals Council of Australia
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- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- VISA Power Limited - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
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- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
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- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- The University of Queensland
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- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
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- Metalloyd Limited - United Kingdom
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