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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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Monday, 05 April 10
RI TO SET REFERENCE FOR COMMODITIES - THE JAKARTA POST
The Jakarta Post reported that, Indonesia is set to help establish global reference prices for mining and agricultural commodities, with the establi ...
Monday, 05 April 10
MARCO POLO MARINE SECURES US$20 MILLION 4-YEAR COAL TRANSSHIPMENT CONTRACT
COALspot.com: Accordign to Mraco Polo Marine website, Singapore Exchange Mainboard-listed Marco Polo Marine Ltd, a growing integrated marine logisti ...
Saturday, 03 April 10
SHIPS OPENING FAREAST CONTINUE TO BE STRUGGLING FOR CARGOES - VISTAAR
COALspot.com: The dry bulk freight market continues to be under pressure and all the indices were down this week except for Cape size index which wa ...
Friday, 02 April 10
XSTRATA RAISES BENCHMARK COAL PRICE AS MUCH AS 40% - BLOOMBERG
Bloomberg reported that, Xstrata Plc, the world’s largest exporter of coal used for power, raised benchmark prices for the fuel to an unidenti ...
Thursday, 01 April 10
OWNERS WERE STILL BULLISH ON SHORT PERIOD NUMBERS, BUT CHARTERERS IN GENERAL WERE NOT READY TO PAY - BRS
SUPRA / HANDY
After several weeks of a rising market, the BSI lost 9% last week to close on Friday at US$ 27,677 per day for the TC routes. ...
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- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- The University of Queensland
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- White Energy Company Limited
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
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