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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 $12,000, it said.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 04 May 10
APRIL 2010 COAL PRICE REFERENCE WAS US$ 86.58/T FOB VESSEL
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has publishing a monthly coal price reference (HBA) to be used by ...
Tuesday, 04 May 10
DRY BULK MARKET SOFTENING AGAIN ON LACK OF DIRECTION
The dry bulk market has put on the brakes once again, after the last session of the Baltic Dry Index ended at 3,354 points, down 5 from the previous ...
Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday ...
Saturday, 01 May 10
THE PERIOD ACTIVITY WAS QUITE FIRM DURING THE WEEK - CAPT. REDDY
COALspot.com: The BDI was up by 11.32 pct which was mainly due to the firmness in capsize index which was up by 21.55 pct .
The other sectors Pan ...
Saturday, 01 May 10
EXPANDED SA COAL TERMINAL TO START OPERATIONS ON MAY 1 - MINING WEEKLY
Mining Weekly reported that, In line with expectations, the Richards Bay Coal Terminal (RBCT) had completed the R1,2-billion Phase V expansion ...
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- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- The University of Queensland
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
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