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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 $12,000, it said.
Source: Nikos Roussanoglou, Hellenic Shipping
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Sunday, 18 April 10
GOVT FORMS PANEL FOR RS 12,000-CR (US$ 2.711 BILLION) COAL INDIA IPO - ECONOMIC TIMES
Economic Times reported that, the government has formed an inter-ministerial panel to carry forward the proposed Rs 12,000-crore (US$ 2.711 billion) ...
Sunday, 18 April 10
THE FUTURES FOR THREE YEARS (2010-2012) FOR PANAMAX WAS AT AROUND US$ 21500 PER DAY - VISTAAR
COALspot.com: The BDI indices up by 3.30 pct and overall market continued to be firm except for India to Fareast.
“The cape index for the f ...
Saturday, 17 April 10
DRY BULK SHIPPING MARKET ANALYSIS - BIMCO
Strong Chinese steel market is set to cushion the flood of new Capesize vessels entering the dry bulk fleet Demand: The first quarter of 2010 saw up ...
Saturday, 17 April 10
DRY BULK MARKET EDGES HIGHER ON STRONGER DEMAND
The dry bulk market managed to inch higher by the end of the week as brokers indicated that stronger cargo demand pushed freight rates that much hig ...
Friday, 16 April 10
KRISHNAPATNAM PORT IS IRONING ITS WAY INTO RECORD BOOKS
COALspot.com: Krishnapatnam Port achieved a new benchmark by loading 60,021 MT of Iron Ore fines in just 24 hrs surpassing its previous record of 54 ...
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- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- The University of Queensland
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
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