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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, 13 May 10
CHINA CONCERNS TO TEST RAW MINERALS - THE AUSTRALIAN
The Australian reported that, COMMODITY prices will remain volatile and drop from recent highs as China's appetite for raw materials softens. James ...
Thursday, 13 May 10
ACTIVITY ON WEST COAST INDIA IS SLOWING - FEARNLEYS AS
DRY BULK CHARTERING
Handy
Atlantic markets remain firm but more for end May/beg June dates as there seems to be more enquiries for those dates. ...
Thursday, 13 May 10
DRY BULK SHIP OWNERS CHEERFUL AMID MARKET RALLY
China’s appetite for raw materials like iron ore and coal, as well as a series of added factors are boosting demand for dry bulk carriers, hel ...
Wednesday, 12 May 10
BANPU'S Q1 PROFIT SLIDES 43% TO B2.71BN - BANGKOK POST
The Bangkokpost reported that, Banpu Plc posted a first-quarter net profit of 2.71 billion baht, down by 43% from the same period last year.
The ...
Tuesday, 11 May 10
DALRYMPLE BAY COAL EXPORTS HIGHEST SINCE JULY; NEWCASTLE FALLS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Dalrymple Bay terminal in Queensland state rose to the highest in nine months in Apri ...
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- Standard Chartered Bank - UAE
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- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
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- Trasteel International SA, Italy
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- Planning Commission, India
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- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
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- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
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- Timah Investasi Mineral - Indoneisa
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- The State Trading Corporation of India Ltd
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- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Deloitte Consulting - India
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- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Posco Energy - South Korea
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
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