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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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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
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 ...
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 ...
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- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
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