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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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Wednesday, 31 March 10
DRY BULK MARKET STILL MODERATELY FALLING, BUT POSITIVE SIGNS APPEAR ON THE HORIZON - HELLENIC SHIPPING
The irregularities of the current dry bulk market have been more than evident in the fact that panamax vessels today earn more than their larger cap ...
Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE
The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intang ...
Wednesday, 31 March 10
ITMG TO UP COAL OUTPUT DESPITE PERMIT PROBLEMS - THE JAKARTA POST
The Jakarta Post reported that, the country’s third largest coal producer PT Indo Tambang Raya Megah (ITMG) said it can raise output although ...
Tuesday, 30 March 10
ANALYST SEES BDI LIFT, SUGGESTS DRY BULK SHORT SQUEEZE
Analysts at Credit Suisse are bullish on Diana and see a potential short squeeze elsewhere in the sector. The Baltic Dry Index (BDI) -- an industry ...
Tuesday, 30 March 10
CHINA'S DROUGHT RAISES COAL PRICES, LOWERS HYDROPOWER
Bloomberg reported that, Benchmark coal prices at Qinhuangdao, China’s largest port handling the fuel, rose for the first time in 10 weeks aft ...
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- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
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