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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, 10 February 10
ANGLO AMERICAN TIPS COAL PRICE RISE AFTER RAIN, AUSTRALIAN SAYS
Anglo American Plc expects coking coal contract prices to rise after weeks of heavy rain in Queensland state cut output by as much as 10 million met ...
Wednesday, 10 February 10
KANGAROO RESOURCES COMMENCES MINING AT MAMAHAK COKING COAL PROJECT
International coal producer Kangaroo Resources has kicked off mining at its second Indonesian coal operation, the Mamahak Coking Coal Project in Eas ...
Wednesday, 10 February 10
CHINA DENIES CLIVE PALMER'S COAL DEAL
ONE of China's biggest government-owned companies yesterday repudiated mining billionaire Clive Palmer for overstating what he said was Australia' ...
Tuesday, 09 February 10
INDIANS SAY SEEKING COAL BARGAINS VIA INDEX PRICES
* Indonesian cheaper than S.African - traders
* End-users wait for price falls before tendering
Indian coal traders responsible for the bulk of ...
Tuesday, 09 February 10
EURO COAL-PROMPT SLIDES WITH OIL PRICES
* April S.African cargo trades at $83.50/T FOB, unchanged
* April DES cargo trades at $74.75 a tonne, down $1/T
* Russia's Kuzbassrazrezugol sees ...
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- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- The University of Queensland
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
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