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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, 04 March 10
THE INDIAN MARKET WAS STILL STRONG - FEARNRESEARCH
HANDY
Activity has gradually improved in the Atlantic throughout the week. All areas&n ...
Thursday, 04 March 10
GLOBAL COAL PRICES GETS SUPPORT FROM EM DEMAND
Commodity Online reported that, AP12 coal prices look well supported in 2010 thanks to positive outlook for Chinese coal demand whereas coal demand ...
Thursday, 04 March 10
THREE NEW GLOBAL PRICES INDEXES FOR COKING COAL
Commodity Online reported that, On February 26, Energy Publishing Co. broke new ground in the coal-marketing industry when it began publishing three ...
Tuesday, 02 March 10
INDIA WAS AGAIN THE WINNER IN THE EAST, WITH SUPRAMAXES FIXING CLOSE TO US$40,000/DAY FROM THE WEST COAST
There was little movement in the BDI this week but behind the scenes, the Supramax and Handy size segments posted significant gains, correcting the ...
Tuesday, 02 March 10
INDONESIA'S PROTECTED FORESTS NOW OPEN TO DEVELOPMENT
The Jakarta Globe reported that, President Susilo Bambang Yudhoyono has signed a decree to allow mining, power plants and other projects deemed stra ...
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- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
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- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
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- Ministry of Mines - Canada
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- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Mintek Dendrill Indonesia
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- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
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- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
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- Indogreen Group - Indonesia
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- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
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- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- PTC India Limited - India
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- Coalindo Energy - Indonesia
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- Power Finance Corporation Ltd., India
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- Barasentosa Lestari - Indonesia
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- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
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- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
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- Star Paper Mills Limited - India
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- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
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- Bulk Trading Sa - Switzerland
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- Petrochimia International Co. Ltd.- Taiwan
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- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
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- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
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- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
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- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
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- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
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- Sree Jayajothi Cements Limited - India
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- Romanian Commodities Exchange
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
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