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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, 13 April 10
CHINA COAL SEEING 'STRONG DEMAND,' PUDA COAL CFO SAYS - BUSINESS WEEK
Business Week reported that, China coal prices will increase this year as the nation’s industry expands and a drought in the southwest region ...
Tuesday, 13 April 10
PEABODY, COAL INDIA CONFIRM 'EARLY STAGE' TALKS - MINING WEEKLY
Mining Weekly reported that, US coal-miner Peabody Energy is holding discussions with Coal India, the company said on Monday, after an Australian ne ...
Tuesday, 13 April 10
ANGLO PREDICTS HIGH COAL PRICES, STEADY SUPPLY
Busrep / Reuters reported that, Coal prices were expected to remain strong this year, while exports would match last year's despite rail cons ...
Tuesday, 13 April 10
THE PANAMAX MARKET CONTINUED TO STRENGTHEN - BRS DRY BULK
Panamax rates continue to beat the market, and the Panamax 4TC is now trading at a 25% premium to the Cape 4TC — the biggest margin since the ...
Monday, 12 April 10
INDIA'S NALCO TO INVEST BIG IN INDONESIA'S ALUMINIUM PROJECT - BERNAMA
Bernama reported that, India's state- owned National Aluminium Company Ltd (Nalco) is to pump in massive investment to set up a aluminium smelter a ...
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- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
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