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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, 11 February 10
THE INDIAN MARKET SOFTENING A BIT - FEARNRESEARCH
Handy
The BSI has gone down for 3 weeks now but it is more a reflection of the Pac market. Activity in the Atl remains solid and rates remain firm ...
Thursday, 11 February 10
SOUTH AFRICA COAL EXPORTS DROP TO INDIA, CHINA
South African coal exports to India from Richards Bay Coal Terminal fell 39% in January from December's levels while shipments to China dropped 55% ...
Thursday, 11 February 10
JSW STEEL IS CLOSE TO ACQUIRING TWO COAL MINES IN THE US
“We are in advanced stages of negotiation and the deal will be completed in a month or two,” a company official told DNA Money on the co ...
Wednesday, 10 February 10
BHP TAKES MARUWAI SALE OFF THE TABLE, MINISTRY SAYS
Australian mining giant BHP Billiton may cancel a plan to sell a stake in its coal mining project in Maruwai, East Kalimantan, an official at the En ...
Wednesday, 10 February 10
JPMORGAN FORECASTS A 5.7% GROWTH IN SEABORNE IRON ORE SHIPMENTS, 3.8% FOR COAL AND GRAIN THIS YEAR
This year volumes of iron ore transportation by sea may grow to 5.7%, coal and grain up 3.8% over numbers in 2009, Ukrrudprom reports citing analyst ...
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- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- The University of Queensland
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Petron Corporation, Philippines
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