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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 $12,000, it said.
Source: Nikos Roussanoglou, Hellenic Shipping
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Sunday, 16 May 10
INDIKA ENERGY & COAL ASSETS EXPANSION
Insider stories reported that, PT Indika Energy Tbk (INDY) has three portfolio coal assets, PT Kideco Jaya Agung, coal asset in East Kalimanta ...
Saturday, 15 May 10
THE AVERAGE CHARTER HIRE FOR CAPE REACHES US$ 49,931 PER DAY - VISTAAR SINGAPORE
COALspot.com: "The freight market was extremely buoyant this week with BDI almost up by 9 pct and the market was very firm in Feast/SE Asia sec ...
Saturday, 15 May 10
DRY BULK MARKET POSTS HEALTHY WEEKLY GAINS
The dry bulk market has reached new highs this week, the second consecutive solid one, with the industry’s benchmark, the Baltic Dry Index (BD ...
Friday, 14 May 10
JSW BUYS COAL MINES IN US, PRODUCTION STARTS IN SEPT
JSW Steel on Friday said it has completed $100 million acquisition of coking coal assets in the US and will start production from September to parti ...
Friday, 14 May 10
KANGAROO RESOURCES TO ACQUIRE INDONESIAN COAL PROJECTS - PROACTIVE INVESTORS
Proactive Investors reported that, Kangaroo Resources (ASX: KRL) is preparing to complete the acquisition of its five outstanding Indonesian coal pr ...
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- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- White Energy Company Limited
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- The University of Queensland
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Australian Coal Association
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- MS Steel International - UAE
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
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