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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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Tuesday, 16 February 10
KPMG PENS 6-POINT STRATEGY FOR COAL INDIA RESTRUCTURING
Coal India Ltd (CIL) has appointed KPMG Advisory Services Pvt Ltd to advise on consolidating its position as the country’s prime energy provid ...
Monday, 15 February 10
MINING LAW TO BE REVISED
Law No. 4 of 2009 on mineral and coal mining will be revised after a working visit of the Bangka Belitung (Babel) Provincial legislative assembly (D ...
Monday, 15 February 10
EURO COAL PRICES SOFTEN AS CHINESE LUNAR NEW YEAR HOLIDAYS START
Prices of prompt cargoes of coal for delivery into Europe weakened last week on a lack of European demand and market nerves over the possible impact ...
Monday, 15 February 10
INDONESIAN COAL SUFFERS SETBACK AS SUMATRA RAIL LINE HELD UP AGAIN
State-owned coal miner PT Tambang Batubara Bukit Asam’s $1.06 billion rail project in Sumatra faces more delays, and the cost of the project i ...
Monday, 15 February 10
MEC INFRA TO COMMISSION INDONESIA RAIL PROJECT
A joint venture between Ras Al Khaimah Investment Authority (Rakia) RAK Investment Authority and Minerals Energy and Commodities Holdings, a f ...
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- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- White Energy Company Limited
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- The University of Queensland
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
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