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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, 08 April 10
NAPOCOR GETS ONE OFFER AT COAL TENDER - ABS CBN
ABS- CBN News reported that, Philippine power producer National Power Corp. (Napocor) is likely to buy 50,000 tons of steam coal from PT Berau Coal ...
Wednesday, 07 April 10
DRY BULK MARKET LOOKING FOR DIRECTION
The dry bulk market has kept a low profile during the past week, as evidenced by the small changes of a usually rather turbulent Baltic Dry Index (B ...
Tuesday, 06 April 10
NEWCASTLE COAL EXPORTS RISE 24%, SHIP QUEUE SHORTENS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in power st ...
Tuesday, 06 April 10
UAE STEEL TRADERS FEAR LOSSES ON GLOBAL HIKE
A sudden spurt in the price of iron ore in the international market has caught local steel traders and manufacturers and a host of other steel-depen ...
Tuesday, 06 April 10
ASIAN INVESTORS EYE NIGERIA MARITIME INDUSTRY
Investors from the Asian region are considering investing in the Nigerian maritime sector, which has huge opportunities and potential. One of such p ...
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- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Tamil Nadu electricity Board
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Planning Commission, India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Economic Council, Georgia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
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