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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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Saturday, 22 May 10
INDUSTRY QUESTIONS STEAM COAL PRICE ANOMALY
Five South Korean utilities have secured a deal for 3.13 million tonnes of Australian thermal coal with a calorific value of 6,080kcal/kg for delive ...
Wednesday, 19 May 10
DRY BULK FREIGHT RATES' RALLY MAY BE SET TO END
The Baltic Dry Index (BDI) has rallied these past couple of weeks, almost touching the 4,000 point mark. But this positive development for dry bulk ...
Wednesday, 19 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE LENGTHENS
Coal shipments from Australia's Newcastle port, the world's biggest export harbor for the fuel used in power stations, rose 2.9 percent last week ...
Tuesday, 18 May 10
THE BDI HIT A FIVE-MONTH HIGH AT THE CLOSE OF LAST WEEK
According to BRS, One of the oldest ship broker, at 3,929 points, the BDI hit a five-month high at the close of last week. The Capesize four time ch ...
Tuesday, 18 May 10
COAL TRADER CHINA QINFA TO BUY TWO BULK CARRIERS FOR 69 MLN USD
China Qinfa Group, a leading non-State-owned coal trader on China's mainland, said Sunday it had signed shipbuilding contracts to pay 69 million U. ...
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- The Treasury - Australian Government
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- CNBM International Corporation - China
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Planning Commission, India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
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