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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, 01 April 10
PROFIT AT TWO INDONESIAN COAL MINERS SOARS AS RECOVERY STIRS GREATER DEMAND, HIGHER PRICES - THE JAKARTA GLOBE
The Jakarta Globe reported that, Two of the country’s biggest coal producers enjoyed a surge in profit last year as prices rose and demand pic ...
Thursday, 01 April 10
BHP BILLITON TO SELL STAKE IN MARUWAI TO ADARO - THE JAKARTA POST
The Jakarta Posted reported that, BHP Billiton has agreed to sell 25 percent of its stake in the Maruwai Coal Project in Kalimantan to Indonesia&rsq ...
Thursday, 01 April 10
AUSTRALIAN COAL PRODUCER REJECTS $3 BILLION PEABODY OFFER - STL TODAY
STL today reported that, Australian coal producer Macarthur Coal Ltd. rejected a $3 billion cash takeover bid from Peabody Energy Corp., which seeks ...
Thursday, 01 April 10
TATA POWER EYES MORE COAL FROM INDONESIA FOR ITS FUTURE PLANTS - FINANCIAL EXPRESS
Financial Expressreported that, Tata Power, one of the largest private sector power utilities in the country with interests in generation, transmiss ...
Wednesday, 31 March 10
COAL INDIA MULLS JOINT VENTURE WITH RIO TINTO AND PEABODY - DNA
DNA reported that, Coal India Ltd. (CIL) has finalised two key contenders for its international joint venture (JV) in Australian and US each. The co ...
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- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Parliament of New Zealand
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
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